Correlation Between Success Electronics and Jiangsu GDK
Specify exactly 2 symbols:
By analyzing existing cross correlation between Success Electronics and Jiangsu GDK Biotechnology, you can compare the effects of market volatilities on Success Electronics and Jiangsu GDK 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 Success Electronics with a short position of Jiangsu GDK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and Jiangsu GDK.
Diversification Opportunities for Success Electronics and Jiangsu GDK
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Success and Jiangsu is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and Jiangsu GDK Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu GDK Biotechnology and Success Electronics 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 Success Electronics are associated (or correlated) with Jiangsu GDK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu GDK Biotechnology has no effect on the direction of Success Electronics i.e., Success Electronics and Jiangsu GDK go up and down completely randomly.
Pair Corralation between Success Electronics and Jiangsu GDK
Assuming the 90 days trading horizon Success Electronics is expected to generate 0.86 times more return on investment than Jiangsu GDK. However, Success Electronics is 1.16 times less risky than Jiangsu GDK. It trades about 0.04 of its potential returns per unit of risk. Jiangsu GDK Biotechnology is currently generating about -0.26 per unit of risk. If you would invest 379.00 in Success Electronics on September 25, 2024 and sell it today you would earn a total of 6.00 from holding Success Electronics or generate 1.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Success Electronics vs. Jiangsu GDK Biotechnology
Performance |
Timeline |
Success Electronics |
Jiangsu GDK Biotechnology |
Success Electronics and Jiangsu GDK Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Success Electronics and Jiangsu GDK
The main advantage of trading using opposite Success Electronics and Jiangsu GDK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics position performs unexpectedly, Jiangsu GDK 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 GDK will offset losses from the drop in Jiangsu GDK's long position.Success Electronics vs. Kontour Medical Technology | Success Electronics vs. Time Publishing and | Success Electronics vs. Heilongjiang Publishing Media | Success Electronics vs. GKHT Medical Technology |
Jiangsu GDK vs. Hubeiyichang Transportation Group | Jiangsu GDK vs. Xinjiang Baodi Mining | Jiangsu GDK vs. Shanghai Rongtai Health | Jiangsu GDK vs. Shenzhen Silver Basis |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
Fundamental Analysis View fundamental data based on most recent published financial statements | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |