Correlation Between Jinsanjiang Silicon and Suzhou Oriental
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Suzhou Oriental Semiconductor, you can compare the effects of market volatilities on Jinsanjiang Silicon and Suzhou Oriental 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 Jinsanjiang Silicon with a short position of Suzhou Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Suzhou Oriental.
Diversification Opportunities for Jinsanjiang Silicon and Suzhou Oriental
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinsanjiang and Suzhou is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Suzhou Oriental Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Oriental Semi and Jinsanjiang Silicon 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 Jinsanjiang Silicon Material are associated (or correlated) with Suzhou Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Oriental Semi has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Suzhou Oriental go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Suzhou Oriental
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to generate 1.2 times more return on investment than Suzhou Oriental. However, Jinsanjiang Silicon is 1.2 times more volatile than Suzhou Oriental Semiconductor. It trades about -0.01 of its potential returns per unit of risk. Suzhou Oriental Semiconductor is currently generating about -0.11 per unit of risk. If you would invest 1,160 in Jinsanjiang Silicon Material on October 31, 2024 and sell it today you would lose (78.00) from holding Jinsanjiang Silicon Material or give up 6.72% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Jinsanjiang Silicon Material vs. Suzhou Oriental Semiconductor
Performance |
Timeline |
Jinsanjiang Silicon |
Suzhou Oriental Semi |
Jinsanjiang Silicon and Suzhou Oriental Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jinsanjiang Silicon and Suzhou Oriental
The main advantage of trading using opposite Jinsanjiang Silicon and Suzhou Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Suzhou Oriental 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 Suzhou Oriental will offset losses from the drop in Suzhou Oriental's long position.Jinsanjiang Silicon vs. Everdisplay Optronics Shanghai | ||
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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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