Correlation Between Xian International and Jiangsu Jinling
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By analyzing existing cross correlation between Xian International Medical and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Xian International and Jiangsu Jinling 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 Xian International with a short position of Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xian International and Jiangsu Jinling.
Diversification Opportunities for Xian International and Jiangsu Jinling
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xian and Jiangsu is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Xian International Medical and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports and Xian International 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 Xian International Medical are associated (or correlated) with Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Xian International i.e., Xian International and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Xian International and Jiangsu Jinling
Assuming the 90 days trading horizon Xian International is expected to generate 1.0 times less return on investment than Jiangsu Jinling. In addition to that, Xian International is 1.71 times more volatile than Jiangsu Jinling Sports. It trades about 0.17 of its total potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about 0.29 per unit of volatility. If you would invest 1,314 in Jiangsu Jinling Sports on September 5, 2024 and sell it today you would earn a total of 209.00 from holding Jiangsu Jinling Sports or generate 15.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xian International Medical vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Xian International |
| Jiangsu Jinling Sports |
Xian International and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xian International and Jiangsu Jinling
The main advantage of trading using opposite Xian International and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xian International position performs unexpectedly, Jiangsu Jinling 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 Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Xian International vs. Industrial and Commercial | Xian International vs. Agricultural Bank of | Xian International vs. China Construction Bank | Xian International vs. Bank of China |
| Jiangsu Jinling vs. Spring Airlines Co | Jiangsu Jinling vs. Tianjin Capital Environmental | Jiangsu Jinling vs. Ningbo Ligong Online | Jiangsu Jinling vs. Elite Color Environmental |
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.
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