Correlation Between Beijing Bewinner and Jilin Jlu
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By analyzing existing cross correlation between Beijing Bewinner Communications and Jilin Jlu Communication, you can compare the effects of market volatilities on Beijing Bewinner 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 Beijing Bewinner with a short position of Jilin Jlu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Jilin Jlu.
Diversification Opportunities for Beijing Bewinner and Jilin Jlu
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Beijing and Jilin is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication 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 Beijing Bewinner 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 Beijing Bewinner Communications 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 Beijing Bewinner i.e., Beijing Bewinner and Jilin Jlu go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Jilin Jlu
Assuming the 90 days trading horizon Beijing Bewinner is expected to generate 1.08 times less return on investment than Jilin Jlu. In addition to that, Beijing Bewinner is 1.01 times more volatile than Jilin Jlu Communication. It trades about 0.02 of its total potential returns per unit of risk. Jilin Jlu Communication is currently generating about 0.03 per unit of volatility. If you would invest 806.00 in Jilin Jlu Communication on September 2, 2024 and sell it today you would earn a total of 152.00 from holding Jilin Jlu Communication or generate 18.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Jilin Jlu Communication
Performance |
| Timeline |
| Beijing Bewinner Com |
| Jilin Jlu Communication |
Beijing Bewinner and Jilin Jlu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Jilin Jlu
The main advantage of trading using opposite Beijing Bewinner and Jilin Jlu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner 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.| Beijing Bewinner vs. New China Life | Beijing Bewinner vs. Ming Yang Smart | Beijing Bewinner vs. 159681 | Beijing Bewinner vs. 159005 |
| Jilin Jlu vs. 159681 | Jilin Jlu vs. 159005 | Jilin Jlu vs. Loctek Ergonomic Technology | Jilin Jlu vs. 516220 |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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