Correlation Between Allwin Telecommunicatio and Jiangsu Financial
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By analyzing existing cross correlation between Allwin Telecommunication Co and Jiangsu Financial Leasing, you can compare the effects of market volatilities on Allwin Telecommunicatio 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 Allwin Telecommunicatio with a short position of Jiangsu Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allwin Telecommunicatio and Jiangsu Financial.
Diversification Opportunities for Allwin Telecommunicatio and Jiangsu Financial
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Allwin and Jiangsu is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Allwin Telecommunication Co 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 Allwin Telecommunicatio 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 Allwin Telecommunication Co 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 Allwin Telecommunicatio i.e., Allwin Telecommunicatio and Jiangsu Financial go up and down completely randomly.
Pair Corralation between Allwin Telecommunicatio and Jiangsu Financial
Assuming the 90 days trading horizon Allwin Telecommunication Co is expected to generate 2.25 times more return on investment than Jiangsu Financial. However, Allwin Telecommunicatio is 2.25 times more volatile than Jiangsu Financial Leasing. It trades about 0.01 of its potential returns per unit of risk. Jiangsu Financial Leasing is currently generating about 0.01 per unit of risk. If you would invest 701.00 in Allwin Telecommunication Co on August 29, 2024 and sell it today you would lose (103.00) from holding Allwin Telecommunication Co or give up 14.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allwin Telecommunication Co vs. Jiangsu Financial Leasing
Performance |
| Timeline |
| Allwin Telecommunicatio |
| Jiangsu Financial Leasing |
Allwin Telecommunicatio and Jiangsu Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allwin Telecommunicatio and Jiangsu Financial
The main advantage of trading using opposite Allwin Telecommunicatio and Jiangsu Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allwin Telecommunicatio 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.| Allwin Telecommunicatio vs. Anhui Deli Household | Allwin Telecommunicatio vs. Soyea Technology Co | Allwin Telecommunicatio vs. Holitech Technology Co | Allwin Telecommunicatio vs. Jahen Household Products |
| Jiangsu Financial vs. Kweichow Moutai Co | Jiangsu Financial vs. Contemporary Amperex Technology | Jiangsu Financial vs. G bits Network Technology | Jiangsu Financial vs. BYD 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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