Correlation Between Sichuan Jinshi and Lander Sports
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By analyzing existing cross correlation between Sichuan Jinshi Technology and Lander Sports Development, you can compare the effects of market volatilities on Sichuan Jinshi and Lander Sports 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 Sichuan Jinshi with a short position of Lander Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Jinshi and Lander Sports.
Diversification Opportunities for Sichuan Jinshi and Lander Sports
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sichuan and Lander is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Jinshi Technology and Lander Sports Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lander Sports Development and Sichuan Jinshi 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 Sichuan Jinshi Technology are associated (or correlated) with Lander Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lander Sports Development has no effect on the direction of Sichuan Jinshi i.e., Sichuan Jinshi and Lander Sports go up and down completely randomly.
Pair Corralation between Sichuan Jinshi and Lander Sports
Assuming the 90 days trading horizon Sichuan Jinshi Technology is expected to generate 0.92 times more return on investment than Lander Sports. However, Sichuan Jinshi Technology is 1.09 times less risky than Lander Sports. It trades about 0.06 of its potential returns per unit of risk. Lander Sports Development is currently generating about 0.05 per unit of risk. If you would invest 581.00 in Sichuan Jinshi Technology on August 25, 2024 and sell it today you would earn a total of 110.00 from holding Sichuan Jinshi Technology or generate 18.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sichuan Jinshi Technology vs. Lander Sports Development
Performance |
| Timeline |
| Sichuan Jinshi Technology |
| Lander Sports Development |
Sichuan Jinshi and Lander Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Jinshi and Lander Sports
The main advantage of trading using opposite Sichuan Jinshi and Lander Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Jinshi position performs unexpectedly, Lander Sports 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 Lander Sports will offset losses from the drop in Lander Sports' long position.| Sichuan Jinshi vs. Zijin Mining Group | Sichuan Jinshi vs. Wanhua Chemical Group | Sichuan Jinshi vs. Baoshan Iron Steel | Sichuan Jinshi vs. Shandong Gold Mining |
| Lander Sports vs. Shuhua Sports Co | Lander Sports vs. Zhongrun Resources Investment | Lander Sports vs. Guangdong Advertising Co | Lander Sports vs. Nuode Investment Co |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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