Correlation Between Jiangxi JDL and Guizhou BroadcastingTV
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By analyzing existing cross correlation between Jiangxi JDL Environmental and Guizhou BroadcastingTV Info, you can compare the effects of market volatilities on Jiangxi JDL and Guizhou BroadcastingTV 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 Jiangxi JDL with a short position of Guizhou BroadcastingTV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi JDL and Guizhou BroadcastingTV.
Diversification Opportunities for Jiangxi JDL and Guizhou BroadcastingTV
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangxi and Guizhou is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi JDL Environmental and Guizhou BroadcastingTV Info in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guizhou BroadcastingTV and Jiangxi JDL 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 Jiangxi JDL Environmental are associated (or correlated) with Guizhou BroadcastingTV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guizhou BroadcastingTV has no effect on the direction of Jiangxi JDL i.e., Jiangxi JDL and Guizhou BroadcastingTV go up and down completely randomly.
Pair Corralation between Jiangxi JDL and Guizhou BroadcastingTV
Assuming the 90 days trading horizon Jiangxi JDL is expected to generate 2.8 times less return on investment than Guizhou BroadcastingTV. But when comparing it to its historical volatility, Jiangxi JDL Environmental is 1.3 times less risky than Guizhou BroadcastingTV. It trades about 0.03 of its potential returns per unit of risk. Guizhou BroadcastingTV Info is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 707.00 in Guizhou BroadcastingTV Info on August 29, 2024 and sell it today you would earn a total of 237.00 from holding Guizhou BroadcastingTV Info or generate 33.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi JDL Environmental vs. Guizhou BroadcastingTV Info
Performance |
| Timeline |
| Jiangxi JDL Environmental |
| Guizhou BroadcastingTV |
Jiangxi JDL and Guizhou BroadcastingTV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi JDL and Guizhou BroadcastingTV
The main advantage of trading using opposite Jiangxi JDL and Guizhou BroadcastingTV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi JDL position performs unexpectedly, Guizhou BroadcastingTV 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 Guizhou BroadcastingTV will offset losses from the drop in Guizhou BroadcastingTV's long position.| Jiangxi JDL vs. PetroChina Co Ltd | Jiangxi JDL vs. China State Construction | Jiangxi JDL vs. China Mobile Limited | Jiangxi JDL vs. Industrial and Commercial |
| Guizhou BroadcastingTV vs. Industrial and Commercial | Guizhou BroadcastingTV vs. Agricultural Bank of | Guizhou BroadcastingTV vs. China Construction Bank | Guizhou BroadcastingTV vs. Bank of China |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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