Correlation Between Zhejiang Kingland and Jangho Group
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By analyzing existing cross correlation between Zhejiang Kingland Pipeline and Jangho Group Co, you can compare the effects of market volatilities on Zhejiang Kingland and Jangho Group 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 Zhejiang Kingland with a short position of Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Kingland and Jangho Group.
Diversification Opportunities for Zhejiang Kingland and Jangho Group
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Zhejiang and Jangho is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Kingland Pipeline and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group and Zhejiang Kingland 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 Zhejiang Kingland Pipeline are associated (or correlated) with Jangho Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jangho Group has no effect on the direction of Zhejiang Kingland i.e., Zhejiang Kingland and Jangho Group go up and down completely randomly.
Pair Corralation between Zhejiang Kingland and Jangho Group
Assuming the 90 days trading horizon Zhejiang Kingland Pipeline is expected to generate 0.96 times more return on investment than Jangho Group. However, Zhejiang Kingland Pipeline is 1.05 times less risky than Jangho Group. It trades about 0.03 of its potential returns per unit of risk. Jangho Group Co is currently generating about 0.0 per unit of risk. If you would invest 601.00 in Zhejiang Kingland Pipeline on September 3, 2024 and sell it today you would earn a total of 38.00 from holding Zhejiang Kingland Pipeline or generate 6.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Kingland Pipeline vs. Jangho Group Co
Performance |
| Timeline |
| Zhejiang Kingland |
| Jangho Group |
Zhejiang Kingland and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Kingland and Jangho Group
The main advantage of trading using opposite Zhejiang Kingland and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Kingland position performs unexpectedly, Jangho Group 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 Jangho Group will offset losses from the drop in Jangho Group's long position.| Zhejiang Kingland vs. Gansu Jiu Steel | Zhejiang Kingland vs. Ming Yang Smart | Zhejiang Kingland vs. Aba Chemicals Corp | Zhejiang Kingland vs. Loctek Ergonomic Technology |
| Jangho Group vs. BTG Hotels Group | Jangho Group vs. Tsingtao Brewery Co | Jangho Group vs. Jonjee Hi tech Industrial | Jangho Group vs. Juneyao Airlines |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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