Correlation Between Southchip Semiconductor and Jiangsu Xinri
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By analyzing existing cross correlation between Southchip Semiconductor Technology and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Southchip Semiconductor and Jiangsu Xinri 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 Southchip Semiconductor with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southchip Semiconductor and Jiangsu Xinri.
Diversification Opportunities for Southchip Semiconductor and Jiangsu Xinri
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Southchip and Jiangsu is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Southchip Semiconductor Techno and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Southchip Semiconductor 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 Southchip Semiconductor Technology are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Southchip Semiconductor i.e., Southchip Semiconductor and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Southchip Semiconductor and Jiangsu Xinri
Assuming the 90 days trading horizon Southchip Semiconductor Technology is expected to generate 1.25 times more return on investment than Jiangsu Xinri. However, Southchip Semiconductor is 1.25 times more volatile than Jiangsu Xinri E Vehicle. It trades about 0.07 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about 0.0 per unit of risk. If you would invest 3,460 in Southchip Semiconductor Technology on November 3, 2024 and sell it today you would earn a total of 96.00 from holding Southchip Semiconductor Technology or generate 2.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Southchip Semiconductor Techno vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Southchip Semiconductor |
| Jiangsu Xinri E |
Southchip Semiconductor and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southchip Semiconductor and Jiangsu Xinri
The main advantage of trading using opposite Southchip Semiconductor and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southchip Semiconductor position performs unexpectedly, Jiangsu Xinri 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 Jiangsu Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Southchip Semiconductor vs. Fibocom Wireless | Southchip Semiconductor vs. Eyebright Medical Technology | Southchip Semiconductor vs. Spring Airlines Co | Southchip Semiconductor vs. Beijing Kingsoft Office |
| Jiangsu Xinri vs. Dongnan Electronics Co | Jiangsu Xinri vs. PKU HealthCare Corp | Jiangsu Xinri vs. Techshine Electronics Co | Jiangsu Xinri vs. Meinian Onehealth Healthcare |
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 Stocks Directory module to find actively traded stocks across global markets.
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