Correlation Between Haima Automobile and Jiangsu Financial
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By analyzing existing cross correlation between Haima Automobile Group and Jiangsu Financial Leasing, you can compare the effects of market volatilities on Haima Automobile and Jiangsu Financial 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 Haima Automobile with a short position of Jiangsu Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Jiangsu Financial.
Diversification Opportunities for Haima Automobile and Jiangsu Financial
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Haima and Jiangsu is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Jiangsu Financial Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Financial Leasing and Haima Automobile 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 Haima Automobile Group are associated (or correlated) with Jiangsu Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Financial Leasing has no effect on the direction of Haima Automobile i.e., Haima Automobile and Jiangsu Financial go up and down completely randomly.
Pair Corralation between Haima Automobile and Jiangsu Financial
Assuming the 90 days trading horizon Haima Automobile is expected to generate 18.34 times less return on investment than Jiangsu Financial. In addition to that, Haima Automobile is 2.11 times more volatile than Jiangsu Financial Leasing. It trades about 0.0 of its total potential returns per unit of risk. Jiangsu Financial Leasing is currently generating about 0.05 per unit of volatility. If you would invest 393.00 in Jiangsu Financial Leasing on October 31, 2024 and sell it today you would earn a total of 135.00 from holding Jiangsu Financial Leasing or generate 34.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Jiangsu Financial Leasing
Performance |
| Timeline |
| Haima Automobile |
| Jiangsu Financial Leasing |
Haima Automobile and Jiangsu Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Jiangsu Financial
The main advantage of trading using opposite Haima Automobile and Jiangsu Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Jiangsu Financial 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 Financial will offset losses from the drop in Jiangsu Financial's long position.| Haima Automobile vs. Xiwang Foodstuffs Co | Haima Automobile vs. Xiamen Jihong Package | Haima Automobile vs. Eyebright Medical Technology | Haima Automobile vs. Sinofibers Technology Co |
| Jiangsu Financial vs. Semiconductor Manufacturing Intl | Jiangsu Financial vs. Ingenic Semiconductor | Jiangsu Financial vs. Shanghai V Test Semiconductor | Jiangsu Financial vs. Beijing Kaiwen Education |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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