Correlation Between China Securities and Jilin OLED
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By analyzing existing cross correlation between China Securities 800 and Jilin OLED Material, you can compare the effects of market volatilities on China Securities and Jilin OLED 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 OLED. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Jilin OLED.
Diversification Opportunities for China Securities and Jilin OLED
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between China and Jilin is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Jilin OLED Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jilin OLED Material 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 OLED. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jilin OLED Material has no effect on the direction of China Securities i.e., China Securities and Jilin OLED go up and down completely randomly.
Pair Corralation between China Securities and Jilin OLED
Assuming the 90 days trading horizon China Securities is expected to generate 2.16 times less return on investment than Jilin OLED. But when comparing it to its historical volatility, China Securities 800 is 2.76 times less risky than Jilin OLED. It trades about 0.03 of its potential returns per unit of risk. Jilin OLED Material is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 2,042 in Jilin OLED Material on October 12, 2024 and sell it today you would earn a total of 6.00 from holding Jilin OLED Material or generate 0.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Jilin OLED Material
Performance |
| Timeline |
China Securities and Jilin OLED Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Jilin OLED Material
Pair trading matchups for Jilin OLED
Pair Trading with China Securities and Jilin OLED
The main advantage of trading using opposite China Securities and Jilin OLED positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Jilin OLED 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 OLED will offset losses from the drop in Jilin OLED's long position.| China Securities vs. Huatian Hotel Group | China Securities vs. Keeson Technology Corp | China Securities vs. Jiujiang Shanshui Technology | China Securities vs. Smartgiant Technology Co |
| Jilin OLED vs. Shenwu Energy Saving | Jilin OLED vs. GRG Banking Equipment | Jilin OLED vs. Hengli Industrial Development | Jilin OLED vs. Western Metal Materials |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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