Correlation Between Time Publishing and Jiangsu GDK
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By analyzing existing cross correlation between Time Publishing and and Jiangsu GDK Biotechnology, you can compare the effects of market volatilities on Time Publishing 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 Time Publishing with a short position of Jiangsu GDK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Time Publishing and Jiangsu GDK.
Diversification Opportunities for Time Publishing and Jiangsu GDK
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Time and Jiangsu is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Time Publishing and 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 Time Publishing 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 Time Publishing and 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 Time Publishing i.e., Time Publishing and Jiangsu GDK go up and down completely randomly.
Pair Corralation between Time Publishing and Jiangsu GDK
Assuming the 90 days trading horizon Time Publishing and is expected to generate 0.86 times more return on investment than Jiangsu GDK. However, Time Publishing and is 1.16 times less risky than Jiangsu GDK. It trades about -0.01 of its potential returns per unit of risk. Jiangsu GDK Biotechnology is currently generating about -0.08 per unit of risk. If you would invest 1,157 in Time Publishing and on October 3, 2024 and sell it today you would lose (296.00) from holding Time Publishing and or give up 25.58% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Time Publishing and vs. Jiangsu GDK Biotechnology
Performance |
Timeline |
Time Publishing |
Jiangsu GDK Biotechnology |
Time Publishing and Jiangsu GDK Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Time Publishing and Jiangsu GDK
The main advantage of trading using opposite Time Publishing and Jiangsu GDK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Time Publishing 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.Time Publishing vs. Cloud Live Technology | Time Publishing vs. Nanjing Putian Telecommunications | Time Publishing vs. Tianjin Realty Development | Time Publishing vs. Shenzhen Coship Electronics |
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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 Transaction History module to view history of all your transactions and understand their impact on performance.
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