Correlation Between MayAir Technology and Jiujiang Shanshui
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By analyzing existing cross correlation between MayAir Technology Co and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on MayAir Technology and Jiujiang Shanshui 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 MayAir Technology with a short position of Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Jiujiang Shanshui.
Diversification Opportunities for MayAir Technology and Jiujiang Shanshui
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between MayAir and Jiujiang is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui and MayAir Technology 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 MayAir Technology Co are associated (or correlated) with Jiujiang Shanshui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiujiang Shanshui has no effect on the direction of MayAir Technology i.e., MayAir Technology and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between MayAir Technology and Jiujiang Shanshui
Assuming the 90 days trading horizon MayAir Technology Co is expected to under-perform the Jiujiang Shanshui. In addition to that, MayAir Technology is 1.07 times more volatile than Jiujiang Shanshui Technology. It trades about -0.08 of its total potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about -0.04 per unit of volatility. If you would invest 1,574 in Jiujiang Shanshui Technology on October 27, 2024 and sell it today you would lose (29.00) from holding Jiujiang Shanshui Technology or give up 1.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Jiujiang Shanshui Technology
Performance |
| Timeline |
| MayAir Technology |
| Jiujiang Shanshui |
MayAir Technology and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Jiujiang Shanshui
The main advantage of trading using opposite MayAir Technology and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Jiujiang Shanshui 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 Jiujiang Shanshui will offset losses from the drop in Jiujiang Shanshui's long position.| MayAir Technology vs. Shenzhen SDG Information | MayAir Technology vs. Yuanjie Semiconductor Technology | MayAir Technology vs. Hubei Tech Semiconductors | MayAir Technology vs. GigaDevice SemiconductorBeiji |
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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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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