Correlation Between Sichuan Jinshi and China Publishing
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By analyzing existing cross correlation between Sichuan Jinshi Technology and China Publishing Media, you can compare the effects of market volatilities on Sichuan Jinshi and China Publishing 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 Sichuan Jinshi with a short position of China Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Jinshi and China Publishing.
Diversification Opportunities for Sichuan Jinshi and China Publishing
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sichuan and China is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Jinshi Technology and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media and Sichuan Jinshi 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 Sichuan Jinshi Technology are associated (or correlated) with China Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Sichuan Jinshi i.e., Sichuan Jinshi and China Publishing go up and down completely randomly.
Pair Corralation between Sichuan Jinshi and China Publishing
Assuming the 90 days trading horizon Sichuan Jinshi Technology is expected to under-perform the China Publishing. But the stock apears to be less risky and, when comparing its historical volatility, Sichuan Jinshi Technology is 1.34 times less risky than China Publishing. The stock trades about -0.01 of its potential returns per unit of risk. The China Publishing Media is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 495.00 in China Publishing Media on September 26, 2024 and sell it today you would earn a total of 268.00 from holding China Publishing Media or generate 54.14% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Sichuan Jinshi Technology vs. China Publishing Media
Performance |
Timeline |
Sichuan Jinshi Technology |
China Publishing Media |
Sichuan Jinshi and China Publishing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Sichuan Jinshi and China Publishing
The main advantage of trading using opposite Sichuan Jinshi and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Jinshi position performs unexpectedly, China Publishing 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 Publishing will offset losses from the drop in China Publishing's long position.Sichuan Jinshi vs. Zijin Mining Group | Sichuan Jinshi vs. Wanhua Chemical Group | Sichuan Jinshi vs. Baoshan Iron Steel | Sichuan Jinshi vs. Shandong Gold Mining |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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