Correlation Between Jiangnan Mould and Sportsoul
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By analyzing existing cross correlation between Jiangnan Mould Plastic and Sportsoul Co Ltd, you can compare the effects of market volatilities on Jiangnan Mould and Sportsoul 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 Jiangnan Mould with a short position of Sportsoul. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangnan Mould and Sportsoul.
Diversification Opportunities for Jiangnan Mould and Sportsoul
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangnan and Sportsoul is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Jiangnan Mould Plastic and Sportsoul Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sportsoul and Jiangnan Mould 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 Jiangnan Mould Plastic are associated (or correlated) with Sportsoul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sportsoul has no effect on the direction of Jiangnan Mould i.e., Jiangnan Mould and Sportsoul go up and down completely randomly.
Pair Corralation between Jiangnan Mould and Sportsoul
Assuming the 90 days trading horizon Jiangnan Mould is expected to generate 2.39 times less return on investment than Sportsoul. But when comparing it to its historical volatility, Jiangnan Mould Plastic is 1.21 times less risky than Sportsoul. It trades about 0.11 of its potential returns per unit of risk. Sportsoul Co Ltd is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 1,242 in Sportsoul Co Ltd on September 1, 2024 and sell it today you would earn a total of 229.00 from holding Sportsoul Co Ltd or generate 18.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jiangnan Mould Plastic vs. Sportsoul Co Ltd
Performance |
| Timeline |
| Jiangnan Mould Plastic |
| Sportsoul |
Jiangnan Mould and Sportsoul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangnan Mould and Sportsoul
The main advantage of trading using opposite Jiangnan Mould and Sportsoul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangnan Mould position performs unexpectedly, Sportsoul 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 Sportsoul will offset losses from the drop in Sportsoul's long position.| Jiangnan Mould vs. Sportsoul Co Ltd | Jiangnan Mould vs. Jiangsu Broadcasting Cable | Jiangnan Mould vs. Shanghai Xinhua Media | Jiangnan Mould vs. Shuhua Sports Co |
| Sportsoul vs. Nanjing Putian Telecommunications | Sportsoul vs. Shenzhen Hifuture Electric | Sportsoul vs. Tianjin Realty Development | Sportsoul vs. Shenyang Huitian Thermal |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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