Correlation Between HanS Laser and Jiangsu Financial
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By analyzing existing cross correlation between HanS Laser Tech and Jiangsu Financial Leasing, you can compare the effects of market volatilities on HanS Laser and Jiangsu Financial 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 HanS Laser with a short position of Jiangsu Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and Jiangsu Financial.
Diversification Opportunities for HanS Laser and Jiangsu Financial
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between HanS and Jiangsu is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and Jiangsu Financial Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Financial Leasing and HanS Laser 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 HanS Laser Tech are associated (or correlated) with Jiangsu Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Financial Leasing has no effect on the direction of HanS Laser i.e., HanS Laser and Jiangsu Financial go up and down completely randomly.
Pair Corralation between HanS Laser and Jiangsu Financial
Assuming the 90 days trading horizon HanS Laser Tech is expected to under-perform the Jiangsu Financial. In addition to that, HanS Laser is 2.8 times more volatile than Jiangsu Financial Leasing. It trades about -0.08 of its total potential returns per unit of risk. Jiangsu Financial Leasing is currently generating about -0.08 per unit of volatility. If you would invest 529.00 in Jiangsu Financial Leasing on September 12, 2024 and sell it today you would lose (11.00) from holding Jiangsu Financial Leasing or give up 2.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. Jiangsu Financial Leasing
Performance |
| Timeline |
| HanS Laser Tech |
| Jiangsu Financial Leasing |
HanS Laser and Jiangsu Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and Jiangsu Financial
The main advantage of trading using opposite HanS Laser and Jiangsu Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, Jiangsu Financial 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 Financial will offset losses from the drop in Jiangsu Financial's long position.| HanS Laser vs. Agricultural Bank of | HanS Laser vs. Industrial and Commercial | HanS Laser vs. Bank of China | HanS Laser vs. PetroChina Co Ltd |
| Jiangsu Financial vs. China Petroleum Chemical | Jiangsu Financial vs. PetroChina Co Ltd | Jiangsu Financial vs. China Mobile Limited | Jiangsu Financial vs. Industrial and Commercial |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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