Correlation Between Sportsoul and Bank of Jiangsu
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sportsoul Co Ltd and Bank of Jiangsu, you can compare the effects of market volatilities on Sportsoul and Bank of Jiangsu 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 Bank of Jiangsu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sportsoul and Bank of Jiangsu.
Diversification Opportunities for Sportsoul and Bank of Jiangsu
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Sportsoul and Bank is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Sportsoul Co Ltd and Bank of Jiangsu in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Jiangsu 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 Bank of Jiangsu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Jiangsu has no effect on the direction of Sportsoul i.e., Sportsoul and Bank of Jiangsu go up and down completely randomly.
Pair Corralation between Sportsoul and Bank of Jiangsu
Assuming the 90 days trading horizon Sportsoul Co Ltd is expected to generate 3.26 times more return on investment than Bank of Jiangsu. However, Sportsoul is 3.26 times more volatile than Bank of Jiangsu. It trades about 0.21 of its potential returns per unit of risk. Bank of Jiangsu is currently generating about -0.1 per unit of risk. If you would invest 1,234 in Sportsoul Co Ltd on September 5, 2024 and sell it today you would earn a total of 245.00 from holding Sportsoul Co Ltd or generate 19.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sportsoul Co Ltd vs. Bank of Jiangsu
Performance |
| Timeline |
| Sportsoul |
| Bank of Jiangsu |
Sportsoul and Bank of Jiangsu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sportsoul and Bank of Jiangsu
The main advantage of trading using opposite Sportsoul and Bank of Jiangsu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sportsoul position performs unexpectedly, Bank of Jiangsu 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 Bank of Jiangsu will offset losses from the drop in Bank of Jiangsu's long position.| Sportsoul vs. Qingdao Foods Co | Sportsoul vs. Guilin Seamild Foods | Sportsoul vs. Xinjiang Communications Construction | Sportsoul vs. Youyou Foods Co |
| Bank of Jiangsu vs. Heilongjiang Transport Development | Bank of Jiangsu vs. Shanghai Yaoji Playing | Bank of Jiangsu vs. Dareway Software Co | Bank of Jiangsu vs. Sportsoul Co Ltd |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |