Correlation Between Guotai Epoint and Jiangyin Haida
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By analyzing existing cross correlation between Guotai Epoint Software and Jiangyin Haida Rubber, you can compare the effects of market volatilities on Guotai Epoint and Jiangyin Haida 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 Guotai Epoint with a short position of Jiangyin Haida. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guotai Epoint and Jiangyin Haida.
Diversification Opportunities for Guotai Epoint and Jiangyin Haida
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guotai and Jiangyin is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Guotai Epoint Software and Jiangyin Haida Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangyin Haida Rubber and Guotai Epoint 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 Guotai Epoint Software are associated (or correlated) with Jiangyin Haida. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangyin Haida Rubber has no effect on the direction of Guotai Epoint i.e., Guotai Epoint and Jiangyin Haida go up and down completely randomly.
Pair Corralation between Guotai Epoint and Jiangyin Haida
Assuming the 90 days trading horizon Guotai Epoint Software is expected to generate 1.19 times more return on investment than Jiangyin Haida. However, Guotai Epoint is 1.19 times more volatile than Jiangyin Haida Rubber. It trades about -0.01 of its potential returns per unit of risk. Jiangyin Haida Rubber is currently generating about -0.14 per unit of risk. If you would invest 2,992 in Guotai Epoint Software on October 30, 2024 and sell it today you would lose (40.00) from holding Guotai Epoint Software or give up 1.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guotai Epoint Software vs. Jiangyin Haida Rubber
Performance |
| Timeline |
| Guotai Epoint Software |
| Jiangyin Haida Rubber |
Guotai Epoint and Jiangyin Haida Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guotai Epoint and Jiangyin Haida
The main advantage of trading using opposite Guotai Epoint and Jiangyin Haida positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guotai Epoint position performs unexpectedly, Jiangyin Haida 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 Jiangyin Haida will offset losses from the drop in Jiangyin Haida's long position.| Guotai Epoint vs. Uroica Mining Safety | Guotai Epoint vs. Rising Nonferrous Metals | Guotai Epoint vs. Xiandai Investment Co | Guotai Epoint vs. Jiangsu Yueda Investment |
| Jiangyin Haida vs. Zijin Mining Group | Jiangyin Haida vs. Wanhua Chemical Group | Jiangyin Haida vs. Baoshan Iron Steel | Jiangyin Haida vs. Shandong Gold Mining |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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