Correlation Between Jiangnan Mould and China State
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By analyzing existing cross correlation between Jiangnan Mould Plastic and China State Construction, you can compare the effects of market volatilities on Jiangnan Mould and China State 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 Jiangnan Mould with a short position of China State. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and China State.
Diversification Opportunities for Jiangnan Mould and China State
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangnan and China is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and China State Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China State Construction and Jiangnan Mould 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 Jiangnan Mould Plastic are associated (or correlated) with China State. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China State Construction has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and China State go up and down completely randomly.
Pair Corralation between Jiangnan Mould and China State
Assuming the 90 days trading horizon Jiangnan Mould Plastic is expected to under-perform the China State. In addition to that, Jiangnan Mould is 1.88 times more volatile than China State Construction. It trades about -0.07 of its total potential returns per unit of risk. China State Construction is currently generating about -0.12 per unit of volatility. If you would invest 589.00 in China State Construction on November 23, 2024 and sell it today you would lose (40.00) from holding China State Construction or give up 6.79% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 98.28% |
Values | Daily Returns |
Jiangnan Mould Plastic vs. China State Construction
Performance |
Timeline |
Jiangnan Mould Plastic |
China State Construction |
Jiangnan Mould and China State Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangnan Mould and China State
The main advantage of trading using opposite Jiangnan Mould and China State positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, China State 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 China State will offset losses from the drop in China State's long position.Jiangnan Mould vs. Will Semiconductor Co | ||
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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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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