Correlation Between JIAHUA STORES and ADRIATIC METALS
Can any of the company-specific risk be diversified away by investing in both JIAHUA STORES and ADRIATIC METALS at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining JIAHUA STORES and ADRIATIC METALS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JIAHUA STORES and ADRIATIC METALS LS 013355, you can compare the effects of market volatilities on JIAHUA STORES and ADRIATIC METALS 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 JIAHUA STORES with a short position of ADRIATIC METALS. Check out your portfolio center. Please also check ongoing floating volatility patterns of JIAHUA STORES and ADRIATIC METALS.
Diversification Opportunities for JIAHUA STORES and ADRIATIC METALS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JIAHUA and ADRIATIC is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JIAHUA STORES and ADRIATIC METALS LS 013355 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ADRIATIC METALS LS and JIAHUA STORES 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 JIAHUA STORES are associated (or correlated) with ADRIATIC METALS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ADRIATIC METALS LS has no effect on the direction of JIAHUA STORES i.e., JIAHUA STORES and ADRIATIC METALS go up and down completely randomly.
Pair Corralation between JIAHUA STORES and ADRIATIC METALS
If you would invest 171.00 in ADRIATIC METALS LS 013355 on September 2, 2024 and sell it today you would earn a total of 75.00 from holding ADRIATIC METALS LS 013355 or generate 43.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.48% |
| Values | Daily Returns |
JIAHUA STORES vs. ADRIATIC METALS LS 013355
Performance |
| Timeline |
| JIAHUA STORES |
| ADRIATIC METALS LS |
JIAHUA STORES and ADRIATIC METALS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JIAHUA STORES and ADRIATIC METALS
The main advantage of trading using opposite JIAHUA STORES and ADRIATIC METALS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JIAHUA STORES position performs unexpectedly, ADRIATIC METALS 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 ADRIATIC METALS will offset losses from the drop in ADRIATIC METALS's long position.| JIAHUA STORES vs. SIVERS SEMICONDUCTORS AB | JIAHUA STORES vs. Darden Restaurants | JIAHUA STORES vs. Reliance Steel Aluminum | JIAHUA STORES vs. Q2M Managementberatung AG |
| ADRIATIC METALS vs. NAKED WINES PLC | ADRIATIC METALS vs. China BlueChemical | ADRIATIC METALS vs. Eastman Chemical | ADRIATIC METALS vs. United Rentals |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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