Correlation Between Kunshan Dongwei and Jiangsu Yueda
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By analyzing existing cross correlation between Kunshan Dongwei Technology and Jiangsu Yueda Investment, you can compare the effects of market volatilities on Kunshan Dongwei and Jiangsu Yueda 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 Kunshan Dongwei with a short position of Jiangsu Yueda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kunshan Dongwei and Jiangsu Yueda.
Diversification Opportunities for Kunshan Dongwei and Jiangsu Yueda
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kunshan and Jiangsu is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Kunshan Dongwei Technology and Jiangsu Yueda Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Yueda Investment and Kunshan Dongwei 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 Kunshan Dongwei Technology are associated (or correlated) with Jiangsu Yueda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Yueda Investment has no effect on the direction of Kunshan Dongwei i.e., Kunshan Dongwei and Jiangsu Yueda go up and down completely randomly.
Pair Corralation between Kunshan Dongwei and Jiangsu Yueda
Assuming the 90 days trading horizon Kunshan Dongwei Technology is expected to generate 1.85 times more return on investment than Jiangsu Yueda. However, Kunshan Dongwei is 1.85 times more volatile than Jiangsu Yueda Investment. It trades about 0.31 of its potential returns per unit of risk. Jiangsu Yueda Investment is currently generating about 0.1 per unit of risk. If you would invest 2,780 in Kunshan Dongwei Technology on December 9, 2024 and sell it today you would earn a total of 532.00 from holding Kunshan Dongwei Technology or generate 19.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kunshan Dongwei Technology vs. Jiangsu Yueda Investment
Performance |
| Timeline |
| Kunshan Dongwei Tech |
| Jiangsu Yueda Investment |
Kunshan Dongwei and Jiangsu Yueda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kunshan Dongwei and Jiangsu Yueda
The main advantage of trading using opposite Kunshan Dongwei and Jiangsu Yueda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kunshan Dongwei position performs unexpectedly, Jiangsu Yueda 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 Yueda will offset losses from the drop in Jiangsu Yueda's long position.| Kunshan Dongwei vs. Hunan Investment Group | ||
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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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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