Correlation Between Jiangsu Phoenix and Zhuzhou Kibing
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By analyzing existing cross correlation between Jiangsu Phoenix Publishing and Zhuzhou Kibing Group, you can compare the effects of market volatilities on Jiangsu Phoenix and Zhuzhou Kibing 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 Zhuzhou Kibing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Phoenix and Zhuzhou Kibing.
Diversification Opportunities for Jiangsu Phoenix and Zhuzhou Kibing
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Zhuzhou is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Phoenix Publishing and Zhuzhou Kibing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Kibing Group 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 Zhuzhou Kibing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Kibing Group has no effect on the direction of Jiangsu Phoenix i.e., Jiangsu Phoenix and Zhuzhou Kibing go up and down completely randomly.
Pair Corralation between Jiangsu Phoenix and Zhuzhou Kibing
Assuming the 90 days trading horizon Jiangsu Phoenix Publishing is expected to generate 1.08 times more return on investment than Zhuzhou Kibing. However, Jiangsu Phoenix is 1.08 times more volatile than Zhuzhou Kibing Group. It trades about 0.04 of its potential returns per unit of risk. Zhuzhou Kibing Group is currently generating about -0.05 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 | 99.79% |
Values | Daily Returns |
Jiangsu Phoenix Publishing vs. Zhuzhou Kibing Group
Performance |
Timeline |
Jiangsu Phoenix Publ |
Zhuzhou Kibing Group |
Jiangsu Phoenix and Zhuzhou Kibing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangsu Phoenix and Zhuzhou Kibing
The main advantage of trading using opposite Jiangsu Phoenix and Zhuzhou Kibing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Phoenix position performs unexpectedly, Zhuzhou Kibing 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 Zhuzhou Kibing will offset losses from the drop in Zhuzhou Kibing'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 |
Zhuzhou Kibing vs. Jiangsu Phoenix Publishing | Zhuzhou Kibing vs. Duzhe Publishing Media | Zhuzhou Kibing vs. Cultural Investment Holdings | Zhuzhou Kibing vs. Time Publishing and |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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