Correlation Between Jiangsu Leadmicro and Eastroc Beverage
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Leadmicro Nano and Eastroc Beverage Group, you can compare the effects of market volatilities on Jiangsu Leadmicro and Eastroc Beverage 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 Jiangsu Leadmicro with a short position of Eastroc Beverage. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Leadmicro and Eastroc Beverage.
Diversification Opportunities for Jiangsu Leadmicro and Eastroc Beverage
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and Eastroc is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Leadmicro Nano and Eastroc Beverage Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastroc Beverage and Jiangsu Leadmicro 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 Jiangsu Leadmicro Nano are associated (or correlated) with Eastroc Beverage. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastroc Beverage has no effect on the direction of Jiangsu Leadmicro i.e., Jiangsu Leadmicro and Eastroc Beverage go up and down completely randomly.
Pair Corralation between Jiangsu Leadmicro and Eastroc Beverage
Assuming the 90 days trading horizon Jiangsu Leadmicro Nano is expected to under-perform the Eastroc Beverage. In addition to that, Jiangsu Leadmicro is 1.48 times more volatile than Eastroc Beverage Group. It trades about -0.13 of its total potential returns per unit of risk. Eastroc Beverage Group is currently generating about 0.24 per unit of volatility. If you would invest 22,033 in Eastroc Beverage Group on September 13, 2024 and sell it today you would earn a total of 2,604 from holding Eastroc Beverage Group or generate 11.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Leadmicro Nano vs. Eastroc Beverage Group
Performance |
| Timeline |
| Jiangsu Leadmicro Nano |
| Eastroc Beverage |
Jiangsu Leadmicro and Eastroc Beverage Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Leadmicro and Eastroc Beverage
The main advantage of trading using opposite Jiangsu Leadmicro and Eastroc Beverage positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Leadmicro position performs unexpectedly, Eastroc Beverage 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 Eastroc Beverage will offset losses from the drop in Eastroc Beverage's long position.| Jiangsu Leadmicro vs. Dook Media Group | Jiangsu Leadmicro vs. Jiangxi Selon Industrial | Jiangsu Leadmicro vs. Mango Excellent Media | Jiangsu Leadmicro vs. Wasu Media Holding |
| Eastroc Beverage vs. Jilin Jlu Communication | Eastroc Beverage vs. Kuang Chi Technologies | Eastroc Beverage vs. Guangzhou Seagull Kitchen | Eastroc Beverage vs. Anhui Deli Household |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |