Correlation Between Offcn Education and Jinling Hotel
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By analyzing existing cross correlation between Offcn Education Technology and Jinling Hotel Corp, you can compare the effects of market volatilities on Offcn Education 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 Offcn Education with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Offcn Education and Jinling Hotel.
Diversification Opportunities for Offcn Education and Jinling Hotel
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Offcn and Jinling is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Offcn Education Technology 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 Offcn Education 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 Offcn Education Technology 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 Offcn Education i.e., Offcn Education and Jinling Hotel go up and down completely randomly.
Pair Corralation between Offcn Education and Jinling Hotel
Assuming the 90 days trading horizon Offcn Education Technology is expected to under-perform the Jinling Hotel. In addition to that, Offcn Education is 1.42 times more volatile than Jinling Hotel Corp. It trades about -0.01 of its total potential returns per unit of risk. Jinling Hotel Corp is currently generating about -0.01 per unit of volatility. If you would invest 988.00 in Jinling Hotel Corp on August 30, 2024 and sell it today you would lose (274.00) from holding Jinling Hotel Corp or give up 27.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Offcn Education Technology vs. Jinling Hotel Corp
Performance |
| Timeline |
| Offcn Education Tech |
| Jinling Hotel Corp |
Offcn Education and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Offcn Education and Jinling Hotel
The main advantage of trading using opposite Offcn Education and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Offcn Education 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.| Offcn Education vs. Agricultural Bank of | Offcn Education vs. Industrial and Commercial | Offcn Education vs. Bank of China | Offcn Education vs. China Construction Bank |
| Jinling Hotel vs. Agricultural Bank of | Jinling Hotel vs. Industrial and Commercial | Jinling Hotel vs. Bank of China | Jinling Hotel vs. China Construction Bank |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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