Correlation Between Beijing Roborock and Jiangsu Phoenix
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Roborock Technology and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Beijing Roborock and Jiangsu Phoenix 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 Beijing Roborock with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Jiangsu Phoenix.
Diversification Opportunities for Beijing Roborock and Jiangsu Phoenix
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Jiangsu is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Beijing Roborock and Jiangsu Phoenix
Assuming the 90 days trading horizon Beijing Roborock is expected to generate 1.07 times less return on investment than Jiangsu Phoenix. In addition to that, Beijing Roborock is 1.39 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.08 of its total potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.11 per unit of volatility. If you would invest 1,063 in Jiangsu Phoenix Publishing on September 12, 2024 and sell it today you would earn a total of 49.00 from holding Jiangsu Phoenix Publishing or generate 4.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Beijing Roborock Tec |
| Jiangsu Phoenix Publ |
Beijing Roborock and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Jiangsu Phoenix
The main advantage of trading using opposite Beijing Roborock and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Jiangsu Phoenix 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 Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| Beijing Roborock vs. Agricultural Bank of | Beijing Roborock vs. Industrial and Commercial | Beijing Roborock vs. Bank of China | Beijing Roborock vs. PetroChina Co Ltd |
| Jiangsu Phoenix vs. Kweichow Moutai Co | Jiangsu Phoenix vs. Shenzhen Mindray Bio Medical | Jiangsu Phoenix vs. G bits Network Technology | Jiangsu Phoenix vs. Beijing Roborock Technology |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| 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 | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |