Correlation Between Daoming OpticsChemical and Shanghai Jinqiao
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By analyzing existing cross correlation between Daoming OpticsChemical Co and Shanghai Jinqiao Export, you can compare the effects of market volatilities on Daoming OpticsChemical and Shanghai Jinqiao 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 Daoming OpticsChemical with a short position of Shanghai Jinqiao. Check out your portfolio center. Please also check ongoing floating volatility patterns of Daoming OpticsChemical and Shanghai Jinqiao.
Diversification Opportunities for Daoming OpticsChemical and Shanghai Jinqiao
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Daoming and Shanghai is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Daoming OpticsChemical Co and Shanghai Jinqiao Export in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jinqiao Export and Daoming OpticsChemical 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 Daoming OpticsChemical Co are associated (or correlated) with Shanghai Jinqiao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jinqiao Export has no effect on the direction of Daoming OpticsChemical i.e., Daoming OpticsChemical and Shanghai Jinqiao go up and down completely randomly.
Pair Corralation between Daoming OpticsChemical and Shanghai Jinqiao
Assuming the 90 days trading horizon Daoming OpticsChemical Co is expected to generate 4.84 times more return on investment than Shanghai Jinqiao. However, Daoming OpticsChemical is 4.84 times more volatile than Shanghai Jinqiao Export. It trades about 0.12 of its potential returns per unit of risk. Shanghai Jinqiao Export is currently generating about 0.0 per unit of risk. If you would invest 988.00 in Daoming OpticsChemical Co on August 21, 2025 and sell it today you would earn a total of 70.00 from holding Daoming OpticsChemical Co or generate 7.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Daoming OpticsChemical Co vs. Shanghai Jinqiao Export
Performance |
| Timeline |
| Daoming OpticsChemical |
| Shanghai Jinqiao Export |
Daoming OpticsChemical and Shanghai Jinqiao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Daoming OpticsChemical and Shanghai Jinqiao
The main advantage of trading using opposite Daoming OpticsChemical and Shanghai Jinqiao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Daoming OpticsChemical position performs unexpectedly, Shanghai Jinqiao 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 Shanghai Jinqiao will offset losses from the drop in Shanghai Jinqiao's long position.| Daoming OpticsChemical vs. Zijin Mining Group | Daoming OpticsChemical vs. Wanhua Chemical Group | Daoming OpticsChemical vs. Baoshan Iron Steel | Daoming OpticsChemical vs. Shandong Gold Mining |
| Shanghai Jinqiao vs. Markor International Home | Shanghai Jinqiao vs. Shuhua Sports Co | Shanghai Jinqiao vs. TVZone Media Co | Shanghai Jinqiao vs. Nanjing OLO Home |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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