Correlation Between Goldlok Toys and Jiangsu Xinri
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By analyzing existing cross correlation between Goldlok Toys Holdings and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Goldlok Toys and Jiangsu Xinri 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 Goldlok Toys with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldlok Toys and Jiangsu Xinri.
Diversification Opportunities for Goldlok Toys and Jiangsu Xinri
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Goldlok and Jiangsu is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Goldlok Toys Holdings and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Goldlok Toys 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 Goldlok Toys Holdings are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Goldlok Toys i.e., Goldlok Toys and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Goldlok Toys and Jiangsu Xinri
Assuming the 90 days trading horizon Goldlok Toys Holdings is expected to generate 1.15 times more return on investment than Jiangsu Xinri. However, Goldlok Toys is 1.15 times more volatile than Jiangsu Xinri E Vehicle. It trades about 0.02 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.03 per unit of risk. If you would invest 424.00 in Goldlok Toys Holdings on August 31, 2024 and sell it today you would earn a total of 46.00 from holding Goldlok Toys Holdings or generate 10.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.72% |
| Values | Daily Returns |
Goldlok Toys Holdings vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Goldlok Toys Holdings |
| Jiangsu Xinri E |
Goldlok Toys and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldlok Toys and Jiangsu Xinri
The main advantage of trading using opposite Goldlok Toys and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldlok Toys position performs unexpectedly, Jiangsu Xinri 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 Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Goldlok Toys vs. China State Construction | Goldlok Toys vs. China Merchants Shekou | Goldlok Toys vs. Huafa Industrial Co | Goldlok Toys vs. China International Capital |
| Jiangsu Xinri vs. China State Construction | Jiangsu Xinri vs. China Merchants Shekou | Jiangsu Xinri vs. Huafa Industrial Co | Jiangsu Xinri vs. China International Capital |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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