Correlation Between Sportsoul and Jiangsu Xinning
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By analyzing existing cross correlation between Sportsoul Co Ltd and Jiangsu Xinning Modern, you can compare the effects of market volatilities on Sportsoul and Jiangsu Xinning 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 Sportsoul with a short position of Jiangsu Xinning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sportsoul and Jiangsu Xinning.
Diversification Opportunities for Sportsoul and Jiangsu Xinning
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Sportsoul and Jiangsu is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Sportsoul Co Ltd and Jiangsu Xinning Modern in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinning Modern and Sportsoul 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 Sportsoul Co Ltd are associated (or correlated) with Jiangsu Xinning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinning Modern has no effect on the direction of Sportsoul i.e., Sportsoul and Jiangsu Xinning go up and down completely randomly.
Pair Corralation between Sportsoul and Jiangsu Xinning
Assuming the 90 days trading horizon Sportsoul Co Ltd is expected to generate 0.88 times more return on investment than Jiangsu Xinning. However, Sportsoul Co Ltd is 1.14 times less risky than Jiangsu Xinning. It trades about 0.01 of its potential returns per unit of risk. Jiangsu Xinning Modern is currently generating about 0.0 per unit of risk. If you would invest 1,684 in Sportsoul Co Ltd on August 29, 2024 and sell it today you would lose (207.00) from holding Sportsoul Co Ltd or give up 12.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sportsoul Co Ltd vs. Jiangsu Xinning Modern
Performance |
| Timeline |
| Sportsoul |
| Jiangsu Xinning Modern |
Sportsoul and Jiangsu Xinning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sportsoul and Jiangsu Xinning
The main advantage of trading using opposite Sportsoul and Jiangsu Xinning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sportsoul position performs unexpectedly, Jiangsu Xinning 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 Xinning will offset losses from the drop in Jiangsu Xinning's long position.| Sportsoul vs. Shenzhen MYS Environmental | Sportsoul vs. AVIC Fund Management | Sportsoul vs. Shenzhen Bingchuan Network | Sportsoul vs. Penghua Shenzhen Energy |
| Jiangsu Xinning vs. China Life Insurance | Jiangsu Xinning vs. Piotech Inc A | Jiangsu Xinning vs. Dongxing Sec Co | Jiangsu Xinning vs. Shanghai OPM Biosciences |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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