Correlation Between Tongling Jieya and Guangdong Shunkong
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By analyzing existing cross correlation between Tongling Jieya Biologic and Guangdong Shunkong Development, you can compare the effects of market volatilities on Tongling Jieya and Guangdong Shunkong 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 Tongling Jieya with a short position of Guangdong Shunkong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tongling Jieya and Guangdong Shunkong.
Diversification Opportunities for Tongling Jieya and Guangdong Shunkong
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Tongling and Guangdong is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Tongling Jieya Biologic and Guangdong Shunkong Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Shunkong and Tongling Jieya 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 Tongling Jieya Biologic are associated (or correlated) with Guangdong Shunkong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Shunkong has no effect on the direction of Tongling Jieya i.e., Tongling Jieya and Guangdong Shunkong go up and down completely randomly.
Pair Corralation between Tongling Jieya and Guangdong Shunkong
Assuming the 90 days trading horizon Tongling Jieya Biologic is expected to generate 3.42 times more return on investment than Guangdong Shunkong. However, Tongling Jieya is 3.42 times more volatile than Guangdong Shunkong Development. It trades about 0.15 of its potential returns per unit of risk. Guangdong Shunkong Development is currently generating about -0.12 per unit of risk. If you would invest 2,514 in Tongling Jieya Biologic on July 20, 2025 and sell it today you would earn a total of 830.00 from holding Tongling Jieya Biologic or generate 33.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tongling Jieya Biologic vs. Guangdong Shunkong Development
Performance |
| Timeline |
| Tongling Jieya Biologic |
| Guangdong Shunkong |
Tongling Jieya and Guangdong Shunkong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tongling Jieya and Guangdong Shunkong
The main advantage of trading using opposite Tongling Jieya and Guangdong Shunkong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tongling Jieya position performs unexpectedly, Guangdong Shunkong 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 Guangdong Shunkong will offset losses from the drop in Guangdong Shunkong's long position.| Tongling Jieya vs. Guangdong Brandmax Marketing | Tongling Jieya vs. Beijing Sanyuan Foods | Tongling Jieya vs. Shandong Huifa Foodstuff | Tongling Jieya vs. Yili Chuanning Biotechnology |
| Guangdong Shunkong vs. Ming Yang Smart | Guangdong Shunkong vs. 159681 | Guangdong Shunkong vs. 159005 | Guangdong Shunkong vs. Loctek Ergonomic 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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