Correlation Between Anhui Huilong and Jinling Hotel
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By analyzing existing cross correlation between Anhui Huilong Agricultural and Jinling Hotel Corp, you can compare the effects of market volatilities on Anhui Huilong and Jinling Hotel 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 Anhui Huilong with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Huilong and Jinling Hotel.
Diversification Opportunities for Anhui Huilong and Jinling Hotel
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Anhui and Jinling is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Huilong Agricultural and Jinling Hotel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinling Hotel Corp and Anhui Huilong 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 Anhui Huilong Agricultural are associated (or correlated) with Jinling Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinling Hotel Corp has no effect on the direction of Anhui Huilong i.e., Anhui Huilong and Jinling Hotel go up and down completely randomly.
Pair Corralation between Anhui Huilong and Jinling Hotel
Assuming the 90 days trading horizon Anhui Huilong is expected to generate 1.11 times less return on investment than Jinling Hotel. In addition to that, Anhui Huilong is 2.29 times more volatile than Jinling Hotel Corp. It trades about 0.08 of its total potential returns per unit of risk. Jinling Hotel Corp is currently generating about 0.21 per unit of volatility. If you would invest 716.00 in Jinling Hotel Corp on September 13, 2024 and sell it today you would earn a total of 66.00 from holding Jinling Hotel Corp or generate 9.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Huilong Agricultural vs. Jinling Hotel Corp
Performance |
| Timeline |
| Anhui Huilong Agricu |
| Jinling Hotel Corp |
Anhui Huilong and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Huilong and Jinling Hotel
The main advantage of trading using opposite Anhui Huilong and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Huilong position performs unexpectedly, Jinling Hotel 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 Jinling Hotel will offset losses from the drop in Jinling Hotel's long position.| Anhui Huilong vs. Zijin Mining Group | Anhui Huilong vs. Wanhua Chemical Group | Anhui Huilong vs. Baoshan Iron Steel | Anhui Huilong vs. Shandong Gold Mining |
| Jinling Hotel vs. Qingdao Foods Co | Jinling Hotel vs. Hubei Geoway Investment | Jinling Hotel vs. Guangdong Wens Foodstuff | Jinling Hotel vs. Gan Yuan Foods |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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