Correlation Between Lander Sports and Guangzhou Jinyi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Lander Sports Development and Guangzhou Jinyi Media, you can compare the effects of market volatilities on Lander Sports and Guangzhou Jinyi 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 Lander Sports with a short position of Guangzhou Jinyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Guangzhou Jinyi.
Diversification Opportunities for Lander Sports and Guangzhou Jinyi
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Lander and Guangzhou is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Guangzhou Jinyi Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jinyi Media and Lander Sports 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 Lander Sports Development are associated (or correlated) with Guangzhou Jinyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jinyi Media has no effect on the direction of Lander Sports i.e., Lander Sports and Guangzhou Jinyi go up and down completely randomly.
Pair Corralation between Lander Sports and Guangzhou Jinyi
Assuming the 90 days trading horizon Lander Sports Development is expected to generate 1.16 times more return on investment than Guangzhou Jinyi. However, Lander Sports is 1.16 times more volatile than Guangzhou Jinyi Media. It trades about 0.06 of its potential returns per unit of risk. Guangzhou Jinyi Media is currently generating about 0.05 per unit of risk. If you would invest 285.00 in Lander Sports Development on September 3, 2024 and sell it today you would earn a total of 20.00 from holding Lander Sports Development or generate 7.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Guangzhou Jinyi Media
Performance |
| Timeline |
| Lander Sports Development |
| Guangzhou Jinyi Media |
Lander Sports and Guangzhou Jinyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Guangzhou Jinyi
The main advantage of trading using opposite Lander Sports and Guangzhou Jinyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Guangzhou Jinyi 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 Guangzhou Jinyi will offset losses from the drop in Guangzhou Jinyi's long position.| Lander Sports vs. Industrial and Commercial | Lander Sports vs. China Construction Bank | Lander Sports vs. Bank of China | Lander Sports vs. Agricultural Bank of |
| Guangzhou Jinyi vs. Gansu Jiu Steel | Guangzhou Jinyi vs. Ming Yang Smart | Guangzhou Jinyi vs. Aba Chemicals Corp | Guangzhou Jinyi 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |