Correlation Between Hangzhou EZVIZ and Guangzhou Jointas
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hangzhou EZVIZ Network and Guangzhou Jointas Chemical, you can compare the effects of market volatilities on Hangzhou EZVIZ and Guangzhou Jointas 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 Hangzhou EZVIZ with a short position of Guangzhou Jointas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hangzhou EZVIZ and Guangzhou Jointas.
Diversification Opportunities for Hangzhou EZVIZ and Guangzhou Jointas
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hangzhou and Guangzhou is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Hangzhou EZVIZ Network and Guangzhou Jointas Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jointas and Hangzhou EZVIZ 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 Hangzhou EZVIZ Network are associated (or correlated) with Guangzhou Jointas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jointas has no effect on the direction of Hangzhou EZVIZ i.e., Hangzhou EZVIZ and Guangzhou Jointas go up and down completely randomly.
Pair Corralation between Hangzhou EZVIZ and Guangzhou Jointas
Assuming the 90 days trading horizon Hangzhou EZVIZ Network is expected to generate 0.47 times more return on investment than Guangzhou Jointas. However, Hangzhou EZVIZ Network is 2.11 times less risky than Guangzhou Jointas. It trades about -0.13 of its potential returns per unit of risk. Guangzhou Jointas Chemical is currently generating about -0.08 per unit of risk. If you would invest 3,194 in Hangzhou EZVIZ Network on September 28, 2024 and sell it today you would lose (164.00) from holding Hangzhou EZVIZ Network or give up 5.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hangzhou EZVIZ Network vs. Guangzhou Jointas Chemical
Performance |
| Timeline |
| Hangzhou EZVIZ Network |
| Guangzhou Jointas |
Hangzhou EZVIZ and Guangzhou Jointas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hangzhou EZVIZ and Guangzhou Jointas
The main advantage of trading using opposite Hangzhou EZVIZ and Guangzhou Jointas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hangzhou EZVIZ position performs unexpectedly, Guangzhou Jointas 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 Guangzhou Jointas will offset losses from the drop in Guangzhou Jointas' long position.| Hangzhou EZVIZ vs. Ningxia Building Materials | Hangzhou EZVIZ vs. Xiangyang Automobile Bearing | Hangzhou EZVIZ vs. Xinke Material | Hangzhou EZVIZ vs. Ningbo Tip Rubber |
| Guangzhou Jointas vs. Zijin Mining Group | Guangzhou Jointas vs. Baoshan Iron Steel | Guangzhou Jointas vs. Shandong Gold Mining | Guangzhou Jointas vs. Rongsheng Petrochemical Co |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
Other Complementary Tools
| 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 | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |