Correlation Between Chengdu Xingrong and Jiangsu Phoenix
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By analyzing existing cross correlation between Chengdu Xingrong Investment and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Chengdu Xingrong 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 Chengdu Xingrong with a short position of Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Xingrong and Jiangsu Phoenix.
Diversification Opportunities for Chengdu Xingrong and Jiangsu Phoenix
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chengdu and Jiangsu is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Xingrong Investment 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 Chengdu Xingrong 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 Chengdu Xingrong Investment 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 Chengdu Xingrong i.e., Chengdu Xingrong and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Chengdu Xingrong and Jiangsu Phoenix
Assuming the 90 days trading horizon Chengdu Xingrong Investment is expected to generate 1.03 times more return on investment than Jiangsu Phoenix. However, Chengdu Xingrong is 1.03 times more volatile than Jiangsu Phoenix Publishing. It trades about 0.09 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.03 per unit of risk. If you would invest 657.00 in Chengdu Xingrong Investment on September 24, 2024 and sell it today you would earn a total of 81.00 from holding Chengdu Xingrong Investment or generate 12.33% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Chengdu Xingrong Investment vs. Jiangsu Phoenix Publishing
Performance |
Timeline |
Chengdu Xingrong Inv |
Jiangsu Phoenix Publ |
Chengdu Xingrong and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Chengdu Xingrong and Jiangsu Phoenix
The main advantage of trading using opposite Chengdu Xingrong and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Xingrong 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.Chengdu Xingrong vs. BeiGene | Chengdu Xingrong vs. Kweichow Moutai Co | Chengdu Xingrong vs. Beijing Roborock Technology | Chengdu Xingrong vs. G bits Network Technology |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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