Correlation Between Xiangyu Medical and Jiujiang Shanshui
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xiangyu Medical Co and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Xiangyu Medical 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 Xiangyu Medical with a short position of Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and Jiujiang Shanshui.
Diversification Opportunities for Xiangyu Medical and Jiujiang Shanshui
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xiangyu and Jiujiang is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical 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 Xiangyu Medical 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 Xiangyu Medical 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 Xiangyu Medical i.e., Xiangyu Medical and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Xiangyu Medical and Jiujiang Shanshui
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to generate 1.42 times more return on investment than Jiujiang Shanshui. However, Xiangyu Medical is 1.42 times more volatile than Jiujiang Shanshui Technology. It trades about 0.01 of its potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about -0.01 per unit of risk. If you would invest 3,453 in Xiangyu Medical Co on October 16, 2024 and sell it today you would lose (503.00) from holding Xiangyu Medical Co or give up 14.57% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Xiangyu Medical Co vs. Jiujiang Shanshui Technology
Performance |
Timeline |
Xiangyu Medical |
Jiujiang Shanshui |
Xiangyu Medical and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xiangyu Medical and Jiujiang Shanshui
The main advantage of trading using opposite Xiangyu Medical and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical 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.Xiangyu Medical vs. Eastroc Beverage Group | Xiangyu Medical vs. Dymatic Chemicals | Xiangyu Medical vs. Ningxia Younglight Chemicals | Xiangyu Medical vs. Gansu Huangtai Wine marketing |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |