Correlation Between Lander Sports and Changjiang Jinggong
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By analyzing existing cross correlation between Lander Sports Development and Changjiang Jinggong Steel, you can compare the effects of market volatilities on Lander Sports and Changjiang Jinggong 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 Changjiang Jinggong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lander Sports and Changjiang Jinggong.
Diversification Opportunities for Lander Sports and Changjiang Jinggong
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Lander and Changjiang is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Lander Sports Development and Changjiang Jinggong Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Jinggong Steel 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 Changjiang Jinggong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Jinggong Steel has no effect on the direction of Lander Sports i.e., Lander Sports and Changjiang Jinggong go up and down completely randomly.
Pair Corralation between Lander Sports and Changjiang Jinggong
Assuming the 90 days trading horizon Lander Sports Development is expected to generate 2.11 times more return on investment than Changjiang Jinggong. However, Lander Sports is 2.11 times more volatile than Changjiang Jinggong Steel. It trades about 0.1 of its potential returns per unit of risk. Changjiang Jinggong Steel is currently generating about 0.1 per unit of risk. If you would invest 224.00 in Lander Sports Development on November 28, 2024 and sell it today you would earn a total of 112.00 from holding Lander Sports Development or generate 50.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Lander Sports Development vs. Changjiang Jinggong Steel
Performance |
| Timeline |
| Lander Sports Development |
| Changjiang Jinggong Steel |
Lander Sports and Changjiang Jinggong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lander Sports and Changjiang Jinggong
The main advantage of trading using opposite Lander Sports and Changjiang Jinggong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lander Sports position performs unexpectedly, Changjiang Jinggong 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 Changjiang Jinggong will offset losses from the drop in Changjiang Jinggong's long position.| Lander Sports vs. BeiGene | Lander Sports vs. Kweichow Moutai Co | Lander Sports vs. Beijing Roborock Technology | Lander Sports vs. G bits Network Technology |
| Changjiang Jinggong vs. Double Medical Technology | Changjiang Jinggong vs. Tinavi Medical Technologies | Changjiang Jinggong vs. Cofoe Medical Technology | Changjiang Jinggong vs. Tsingtao Brewery Co |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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