Correlation Between Heilongjiang Publishing and Jiangsu Xinning
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By analyzing existing cross correlation between Heilongjiang Publishing Media and Jiangsu Xinning Modern, you can compare the effects of market volatilities on Heilongjiang Publishing and Jiangsu Xinning and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Heilongjiang Publishing with a short position of Jiangsu Xinning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Publishing and Jiangsu Xinning.
Diversification Opportunities for Heilongjiang Publishing and Jiangsu Xinning
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Heilongjiang and Jiangsu is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Publishing Media and Jiangsu Xinning Modern in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinning Modern and Heilongjiang Publishing is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Heilongjiang Publishing Media are associated (or correlated) with Jiangsu Xinning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinning Modern has no effect on the direction of Heilongjiang Publishing i.e., Heilongjiang Publishing and Jiangsu Xinning go up and down completely randomly.
Pair Corralation between Heilongjiang Publishing and Jiangsu Xinning
Assuming the 90 days trading horizon Heilongjiang Publishing Media is expected to generate 1.14 times more return on investment than Jiangsu Xinning. However, Heilongjiang Publishing is 1.14 times more volatile than Jiangsu Xinning Modern. It trades about -0.36 of its potential returns per unit of risk. Jiangsu Xinning Modern is currently generating about -0.62 per unit of risk. If you would invest 1,732 in Heilongjiang Publishing Media on October 7, 2024 and sell it today you would lose (402.00) from holding Heilongjiang Publishing Media or give up 23.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Publishing Media vs. Jiangsu Xinning Modern
Performance |
| Timeline |
| Heilongjiang Publishing |
| Jiangsu Xinning Modern |
Heilongjiang Publishing and Jiangsu Xinning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Publishing and Jiangsu Xinning
The main advantage of trading using opposite Heilongjiang Publishing and Jiangsu Xinning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Publishing position performs unexpectedly, Jiangsu Xinning can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Jiangsu Xinning will offset losses from the drop in Jiangsu Xinning's long position.| Heilongjiang Publishing vs. China Life Insurance | Heilongjiang Publishing vs. Cinda Securities Co | Heilongjiang Publishing vs. Piotech Inc A | Heilongjiang Publishing vs. Dongxing Sec Co |
| Jiangsu Xinning vs. Shantui Construction Machinery | Jiangsu Xinning vs. Guangzhou Dongfang Hotel | Jiangsu Xinning vs. Shaanxi Construction Machinery | Jiangsu Xinning vs. Luolai Home Textile |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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