Correlation Between Jinlong Machinery and Silkroad Visual
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By analyzing existing cross correlation between Jinlong Machinery Electronic and Silkroad Visual Technology, you can compare the effects of market volatilities on Jinlong Machinery and Silkroad Visual 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 Jinlong Machinery with a short position of Silkroad Visual. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinlong Machinery and Silkroad Visual.
Diversification Opportunities for Jinlong Machinery and Silkroad Visual
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinlong and Silkroad is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Jinlong Machinery Electronic and Silkroad Visual Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silkroad Visual Tech and Jinlong Machinery 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 Jinlong Machinery Electronic are associated (or correlated) with Silkroad Visual. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silkroad Visual Tech has no effect on the direction of Jinlong Machinery i.e., Jinlong Machinery and Silkroad Visual go up and down completely randomly.
Pair Corralation between Jinlong Machinery and Silkroad Visual
Assuming the 90 days trading horizon Jinlong Machinery Electronic is expected to generate 0.86 times more return on investment than Silkroad Visual. However, Jinlong Machinery Electronic is 1.16 times less risky than Silkroad Visual. It trades about -0.2 of its potential returns per unit of risk. Silkroad Visual Technology is currently generating about -0.27 per unit of risk. If you would invest 533.00 in Jinlong Machinery Electronic on October 19, 2024 and sell it today you would lose (84.00) from holding Jinlong Machinery Electronic or give up 15.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jinlong Machinery Electronic vs. Silkroad Visual Technology
Performance |
| Timeline |
| Jinlong Machinery |
| Silkroad Visual Tech |
Jinlong Machinery and Silkroad Visual Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinlong Machinery and Silkroad Visual
The main advantage of trading using opposite Jinlong Machinery and Silkroad Visual positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinlong Machinery position performs unexpectedly, Silkroad Visual 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 Silkroad Visual will offset losses from the drop in Silkroad Visual's long position.| Jinlong Machinery vs. Hefei Metalforming Mach | Jinlong Machinery vs. Citic Guoan Wine | Jinlong Machinery vs. Guangzhou Restaurants Group | Jinlong Machinery vs. Shenyang Huitian Thermal |
| Silkroad Visual vs. Chongqing Shunbo Aluminum | Silkroad Visual vs. Iat Automobile Technology | Silkroad Visual vs. Shanghai CEO Environmental | Silkroad Visual vs. Sanbo Hospital Management |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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