Correlation Between Jiangsu Xinning and Tianjin Pengling
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By analyzing existing cross correlation between Jiangsu Xinning Modern and Tianjin Pengling Rubber, you can compare the effects of market volatilities on Jiangsu Xinning and Tianjin Pengling 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 Jiangsu Xinning with a short position of Tianjin Pengling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinning and Tianjin Pengling.
Diversification Opportunities for Jiangsu Xinning and Tianjin Pengling
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jiangsu and Tianjin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinning Modern and Tianjin Pengling Rubber in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Pengling Rubber and Jiangsu Xinning 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 Jiangsu Xinning Modern are associated (or correlated) with Tianjin Pengling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Pengling Rubber has no effect on the direction of Jiangsu Xinning i.e., Jiangsu Xinning and Tianjin Pengling go up and down completely randomly.
Pair Corralation between Jiangsu Xinning and Tianjin Pengling
If you would invest 394.00 in Tianjin Pengling Rubber on September 9, 2024 and sell it today you would earn a total of 136.00 from holding Tianjin Pengling Rubber or generate 34.52% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Jiangsu Xinning Modern vs. Tianjin Pengling Rubber
Performance |
Timeline |
Jiangsu Xinning Modern |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
Tianjin Pengling Rubber |
Jiangsu Xinning and Tianjin Pengling Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangsu Xinning and Tianjin Pengling
The main advantage of trading using opposite Jiangsu Xinning and Tianjin Pengling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinning position performs unexpectedly, Tianjin Pengling 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 Tianjin Pengling will offset losses from the drop in Tianjin Pengling's long position.Jiangsu Xinning vs. Anhui Jianghuai Automobile | Jiangsu Xinning vs. Tongyu Communication | Jiangsu Xinning vs. Bright Oceans Inter | Jiangsu Xinning vs. Sunwave Communications 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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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