Correlation Between JS Corrugating and Jilin Chemical
Specify exactly 2 symbols:
By analyzing existing cross correlation between JS Corrugating Machinery and Jilin Chemical Fibre, you can compare the effects of market volatilities on JS Corrugating and Jilin Chemical 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 JS Corrugating with a short position of Jilin Chemical. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Corrugating and Jilin Chemical.
Diversification Opportunities for JS Corrugating and Jilin Chemical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 000821 and Jilin is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding JS Corrugating Machinery and Jilin Chemical Fibre in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jilin Chemical Fibre and JS Corrugating 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 JS Corrugating Machinery are associated (or correlated) with Jilin Chemical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jilin Chemical Fibre has no effect on the direction of JS Corrugating i.e., JS Corrugating and Jilin Chemical go up and down completely randomly.
Pair Corralation between JS Corrugating and Jilin Chemical
Assuming the 90 days trading horizon JS Corrugating Machinery is expected to generate 1.13 times more return on investment than Jilin Chemical. However, JS Corrugating is 1.13 times more volatile than Jilin Chemical Fibre. It trades about 0.03 of its potential returns per unit of risk. Jilin Chemical Fibre is currently generating about 0.0 per unit of risk. If you would invest 1,408 in JS Corrugating Machinery on September 4, 2024 and sell it today you would earn a total of 13.00 from holding JS Corrugating Machinery or generate 0.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JS Corrugating Machinery vs. Jilin Chemical Fibre
Performance |
| Timeline |
| JS Corrugating Machinery |
| Jilin Chemical Fibre |
JS Corrugating and Jilin Chemical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Corrugating and Jilin Chemical
The main advantage of trading using opposite JS Corrugating and Jilin Chemical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Corrugating position performs unexpectedly, Jilin Chemical 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 Jilin Chemical will offset losses from the drop in Jilin Chemical's long position.| JS Corrugating vs. Jilin Chemical Fibre | JS Corrugating vs. Nuode Investment Co | JS Corrugating vs. Xiandai Investment Co | JS Corrugating vs. Longxing Chemical Stock |
| Jilin Chemical vs. Zijin Mining Group | Jilin Chemical vs. Wanhua Chemical Group | Jilin Chemical vs. Baoshan Iron Steel | Jilin Chemical vs. Shandong Gold Mining |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| CEOs Directory Screen CEOs from public companies around the world |