Correlation Between Puya Semiconductor and Jiangsu Phoenix
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By analyzing existing cross correlation between Puya Semiconductor Shanghai and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Puya Semiconductor and Jiangsu Phoenix 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 Puya Semiconductor with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Puya Semiconductor and Jiangsu Phoenix.
Diversification Opportunities for Puya Semiconductor and Jiangsu Phoenix
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Puya and Jiangsu is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Puya Semiconductor Shanghai and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ and Puya 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 Puya Semiconductor Shanghai are associated (or correlated) with Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Puya Semiconductor i.e., Puya Semiconductor and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Puya Semiconductor and Jiangsu Phoenix
Assuming the 90 days trading horizon Puya Semiconductor is expected to generate 2.41 times less return on investment than Jiangsu Phoenix. In addition to that, Puya Semiconductor is 1.59 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.01 of its total potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.04 per unit of volatility. If you would invest 745.00 in Jiangsu Phoenix Publishing on October 16, 2024 and sell it today you would earn a total of 280.00 from holding Jiangsu Phoenix Publishing or generate 37.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Puya Semiconductor Shanghai vs. Jiangsu Phoenix Publishing
Performance |
| Timeline |
| Puya Semiconductor |
| Jiangsu Phoenix Publ |
Puya Semiconductor and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Puya Semiconductor and Jiangsu Phoenix
The main advantage of trading using opposite Puya Semiconductor and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Puya Semiconductor position performs unexpectedly, Jiangsu Phoenix 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 Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.| Puya Semiconductor vs. Guangzhou Jointas Chemical | Puya Semiconductor vs. HeBei Jinniu Chemical | Puya Semiconductor vs. Guotai Epoint Software | Puya Semiconductor vs. Jilin Chemical Fibre |
| Jiangsu Phoenix vs. AVCON Information Tech | Jiangsu Phoenix vs. Ningbo MedicalSystem Biotechnology | Jiangsu Phoenix vs. Zhongshan Public Utilities | Jiangsu Phoenix vs. Fujian Wanchen Biotechnology |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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