Correlation Between Jinxiandai Information and GigaDevice SemiconductorBei
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By analyzing existing cross correlation between Jinxiandai Information Industry and GigaDevice SemiconductorBeiji, you can compare the effects of market volatilities on Jinxiandai Information and GigaDevice SemiconductorBei 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 Jinxiandai Information with a short position of GigaDevice SemiconductorBei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinxiandai Information and GigaDevice SemiconductorBei.
Diversification Opportunities for Jinxiandai Information and GigaDevice SemiconductorBei
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jinxiandai and GigaDevice is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Jinxiandai Information Industr and GigaDevice SemiconductorBeiji in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GigaDevice SemiconductorBei and Jinxiandai Information 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 Jinxiandai Information Industry are associated (or correlated) with GigaDevice SemiconductorBei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GigaDevice SemiconductorBei has no effect on the direction of Jinxiandai Information i.e., Jinxiandai Information and GigaDevice SemiconductorBei go up and down completely randomly.
Pair Corralation between Jinxiandai Information and GigaDevice SemiconductorBei
Assuming the 90 days trading horizon Jinxiandai Information is expected to generate 7.46 times less return on investment than GigaDevice SemiconductorBei. In addition to that, Jinxiandai Information is 1.31 times more volatile than GigaDevice SemiconductorBeiji. It trades about 0.02 of its total potential returns per unit of risk. GigaDevice SemiconductorBeiji is currently generating about 0.18 per unit of volatility. If you would invest 8,992 in GigaDevice SemiconductorBeiji on October 21, 2024 and sell it today you would earn a total of 4,487 from holding GigaDevice SemiconductorBeiji or generate 49.9% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Jinxiandai Information Industr vs. GigaDevice SemiconductorBeiji
Performance |
Timeline |
Jinxiandai Information |
GigaDevice SemiconductorBei |
Jinxiandai Information and GigaDevice SemiconductorBei Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jinxiandai Information and GigaDevice SemiconductorBei
The main advantage of trading using opposite Jinxiandai Information and GigaDevice SemiconductorBei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinxiandai Information position performs unexpectedly, GigaDevice SemiconductorBei 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 GigaDevice SemiconductorBei will offset losses from the drop in GigaDevice SemiconductorBei's long position.Jinxiandai Information vs. Dhc Software 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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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