Correlation Between GreenTech Environmental and Jiangxi JDL
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By analyzing existing cross correlation between GreenTech Environmental Co and Jiangxi JDL Environmental, you can compare the effects of market volatilities on GreenTech Environmental and Jiangxi JDL 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 GreenTech Environmental with a short position of Jiangxi JDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of GreenTech Environmental and Jiangxi JDL.
Diversification Opportunities for GreenTech Environmental and Jiangxi JDL
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between GreenTech and Jiangxi is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding GreenTech Environmental Co and Jiangxi JDL Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi JDL Environmental and GreenTech Environmental 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 GreenTech Environmental Co are associated (or correlated) with Jiangxi JDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi JDL Environmental has no effect on the direction of GreenTech Environmental i.e., GreenTech Environmental and Jiangxi JDL go up and down completely randomly.
Pair Corralation between GreenTech Environmental and Jiangxi JDL
Assuming the 90 days trading horizon GreenTech Environmental Co is expected to under-perform the Jiangxi JDL. In addition to that, GreenTech Environmental is 1.27 times more volatile than Jiangxi JDL Environmental. It trades about -0.01 of its total potential returns per unit of risk. Jiangxi JDL Environmental is currently generating about -0.01 per unit of volatility. If you would invest 1,302 in Jiangxi JDL Environmental on August 25, 2024 and sell it today you would lose (143.00) from holding Jiangxi JDL Environmental or give up 10.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GreenTech Environmental Co vs. Jiangxi JDL Environmental
Performance |
| Timeline |
| GreenTech Environmental |
| Jiangxi JDL Environmental |
GreenTech Environmental and Jiangxi JDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GreenTech Environmental and Jiangxi JDL
The main advantage of trading using opposite GreenTech Environmental and Jiangxi JDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GreenTech Environmental position performs unexpectedly, Jiangxi JDL 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 Jiangxi JDL will offset losses from the drop in Jiangxi JDL's long position.| GreenTech Environmental vs. Shanghai Yaoji Playing | GreenTech Environmental vs. Huatian Hotel Group | GreenTech Environmental vs. Lander Sports Development | GreenTech Environmental vs. Jinling Hotel Corp |
| Jiangxi JDL vs. Guizhou BroadcastingTV Info | Jiangxi JDL vs. Xizi Clean Energy | Jiangxi JDL vs. Longjian Road Bridge | Jiangxi JDL vs. XinJiang GuoTong Pipeline |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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