Correlation Between Suzhou Oriental and Jinsanjiang Silicon
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By analyzing existing cross correlation between Suzhou Oriental Semiconductor and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Suzhou Oriental and Jinsanjiang Silicon 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 Suzhou Oriental with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Oriental and Jinsanjiang Silicon.
Diversification Opportunities for Suzhou Oriental and Jinsanjiang Silicon
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Suzhou and Jinsanjiang is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Oriental Semiconductor and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Suzhou Oriental 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 Suzhou Oriental Semiconductor are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Suzhou Oriental i.e., Suzhou Oriental and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Suzhou Oriental and Jinsanjiang Silicon
Assuming the 90 days trading horizon Suzhou Oriental Semiconductor is expected to under-perform the Jinsanjiang Silicon. In addition to that, Suzhou Oriental is 1.05 times more volatile than Jinsanjiang Silicon Material. It trades about -0.01 of its total potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about 0.08 per unit of volatility. If you would invest 621.00 in Jinsanjiang Silicon Material on November 3, 2024 and sell it today you would earn a total of 461.00 from holding Jinsanjiang Silicon Material or generate 74.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Oriental Semiconductor vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Suzhou Oriental Semi |
| Jinsanjiang Silicon |
Suzhou Oriental and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Oriental and Jinsanjiang Silicon
The main advantage of trading using opposite Suzhou Oriental and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Oriental position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Suzhou Oriental vs. Nanxing Furniture Machinery | Suzhou Oriental vs. Shanghai Material Trading | Suzhou Oriental vs. Chengdu Xingrong Investment | Suzhou Oriental vs. Beijing Mainstreets Investment |
| Jinsanjiang Silicon vs. Anhui Shiny Electronic | Jinsanjiang Silicon vs. Success Electronics | Jinsanjiang Silicon vs. Dawning Information Industry | Jinsanjiang Silicon vs. Zhongfu Information |
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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