Correlation Between Qiaoyin Environmental and Jinling Hotel
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By analyzing existing cross correlation between Qiaoyin Environmental Tech and Jinling Hotel Corp, you can compare the effects of market volatilities on Qiaoyin Environmental 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 Qiaoyin Environmental with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qiaoyin Environmental and Jinling Hotel.
Diversification Opportunities for Qiaoyin Environmental and Jinling Hotel
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Qiaoyin and Jinling is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Qiaoyin Environmental Tech 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 Qiaoyin Environmental 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 Qiaoyin Environmental Tech 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 Qiaoyin Environmental i.e., Qiaoyin Environmental and Jinling Hotel go up and down completely randomly.
Pair Corralation between Qiaoyin Environmental and Jinling Hotel
Assuming the 90 days trading horizon Qiaoyin Environmental Tech is expected to generate 1.08 times more return on investment than Jinling Hotel. However, Qiaoyin Environmental is 1.08 times more volatile than Jinling Hotel Corp. It trades about -0.01 of its potential returns per unit of risk. Jinling Hotel Corp is currently generating about -0.02 per unit of risk. If you would invest 1,171 in Qiaoyin Environmental Tech on August 31, 2024 and sell it today you would lose (177.00) from holding Qiaoyin Environmental Tech or give up 15.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qiaoyin Environmental Tech vs. Jinling Hotel Corp
Performance |
| Timeline |
| Qiaoyin Environmental |
| Jinling Hotel Corp |
Qiaoyin Environmental and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qiaoyin Environmental and Jinling Hotel
The main advantage of trading using opposite Qiaoyin Environmental and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qiaoyin Environmental 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.| Qiaoyin Environmental vs. Cultural Investment Holdings | Qiaoyin Environmental vs. Gome Telecom Equipment | Qiaoyin Environmental vs. Bus Online Co | Qiaoyin Environmental vs. Holitech Technology Co |
| Jinling Hotel vs. China State Construction | Jinling Hotel vs. China Merchants Shekou | Jinling Hotel vs. Huafa Industrial Co | Jinling Hotel 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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