Correlation Between Jiangsu Phoenix and Chengdu Xingrong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Chengdu Xingrong Investment, you can compare the effects of market volatilities on Jiangsu Phoenix and Chengdu Xingrong 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 Phoenix with a short position of Chengdu Xingrong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Chengdu Xingrong.
Diversification Opportunities for Jiangsu Phoenix and Chengdu Xingrong
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Chengdu is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Chengdu Xingrong Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Xingrong Inv and Jiangsu Phoenix 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 Phoenix Publishing are associated (or correlated) with Chengdu Xingrong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Xingrong Inv has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Chengdu Xingrong go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Chengdu Xingrong
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 1.52 times more return on investment than Chengdu Xingrong. However, Jiangsu Phoenix is 1.52 times more volatile than Chengdu Xingrong Investment. It trades about 0.04 of its potential returns per unit of risk. Chengdu Xingrong Investment is currently generating about 0.06 per unit of risk. If you would invest 755.00 in Jiangsu Phoenix Publishing on September 24, 2024 and sell it today you would earn a total of 347.00 from holding Jiangsu Phoenix Publishing or generate 45.96% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Chengdu Xingrong Investment
Performance |
Timeline |
Jiangsu Phoenix Publ |
Chengdu Xingrong Inv |
Jiangsu Phoenix and Chengdu Xingrong Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangsu Phoenix and Chengdu Xingrong
The main advantage of trading using opposite Jiangsu Phoenix and Chengdu Xingrong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Chengdu Xingrong 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 Chengdu Xingrong will offset losses from the drop in Chengdu Xingrong's long position.Jiangsu Phoenix vs. Beijing Bashi Media | Jiangsu Phoenix vs. Thinkingdom Media Group | Jiangsu Phoenix vs. Wasu Media Holding | Jiangsu Phoenix vs. Dook Media Group |
Chengdu Xingrong vs. BeiGene | Chengdu Xingrong vs. Kweichow Moutai Co | Chengdu Xingrong vs. Beijing Roborock Technology | Chengdu Xingrong vs. G bits Network Technology |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |