Correlation Between China Securities and Jilin Jlu
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Securities 800 and Jilin Jlu Communication, you can compare the effects of market volatilities on China Securities and Jilin Jlu 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 China Securities with a short position of Jilin Jlu. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Jilin Jlu.
Diversification Opportunities for China Securities and Jilin Jlu
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Jilin is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Jilin Jlu Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jilin Jlu Communication and China Securities 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 China Securities 800 are associated (or correlated) with Jilin Jlu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jilin Jlu Communication has no effect on the direction of China Securities i.e., China Securities and Jilin Jlu go up and down completely randomly.
Pair Corralation between China Securities and Jilin Jlu
Assuming the 90 days trading horizon China Securities is expected to generate 20.86 times less return on investment than Jilin Jlu. But when comparing it to its historical volatility, China Securities 800 is 2.55 times less risky than Jilin Jlu. It trades about 0.0 of its potential returns per unit of risk. Jilin Jlu Communication is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 941.00 in Jilin Jlu Communication on August 28, 2024 and sell it today you would lose (25.00) from holding Jilin Jlu Communication or give up 2.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Jilin Jlu Communication
Performance |
| Timeline |
China Securities and Jilin Jlu Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Jilin Jlu Communication
Pair trading matchups for Jilin Jlu
Pair Trading with China Securities and Jilin Jlu
The main advantage of trading using opposite China Securities and Jilin Jlu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Jilin Jlu 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 Jlu will offset losses from the drop in Jilin Jlu's long position.| China Securities vs. Shandong Ruifeng Chemical | China Securities vs. Zhongtong Guomai Communication | China Securities vs. Gome Telecom Equipment | China Securities vs. Dymatic Chemicals |
| Jilin Jlu vs. Ming Yang Smart | Jilin Jlu vs. 159681 | Jilin Jlu vs. 159005 | Jilin Jlu 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| 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 | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |