Correlation Between Shantou Wanshun and Jiangsu Jinling
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By analyzing existing cross correlation between Shantou Wanshun Package and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Shantou Wanshun and Jiangsu Jinling 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 Shantou Wanshun with a short position of Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantou Wanshun and Jiangsu Jinling.
Diversification Opportunities for Shantou Wanshun and Jiangsu Jinling
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shantou and Jiangsu is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Shantou Wanshun Package and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports and Shantou Wanshun 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 Shantou Wanshun Package are associated (or correlated) with Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Shantou Wanshun i.e., Shantou Wanshun and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Shantou Wanshun and Jiangsu Jinling
Assuming the 90 days trading horizon Shantou Wanshun Package is expected to under-perform the Jiangsu Jinling. But the stock apears to be less risky and, when comparing its historical volatility, Shantou Wanshun Package is 1.99 times less risky than Jiangsu Jinling. The stock trades about -0.45 of its potential returns per unit of risk. The Jiangsu Jinling Sports is currently generating about -0.21 of returns per unit of risk over similar time horizon. If you would invest 1,517 in Jiangsu Jinling Sports on October 12, 2024 and sell it today you would lose (298.00) from holding Jiangsu Jinling Sports or give up 19.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shantou Wanshun Package vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Shantou Wanshun Package |
| Jiangsu Jinling Sports |
Shantou Wanshun and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shantou Wanshun and Jiangsu Jinling
The main advantage of trading using opposite Shantou Wanshun and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantou Wanshun position performs unexpectedly, Jiangsu Jinling 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 Jiangsu Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Shantou Wanshun vs. Guangdong Wens Foodstuff | Shantou Wanshun vs. New Hope Dairy | Shantou Wanshun vs. Anji Foodstuff Co | Shantou Wanshun vs. Beijing Sanyuan Foods |
| Jiangsu Jinling vs. Shantou Wanshun Package | Jiangsu Jinling vs. Ping An Insurance | Jiangsu Jinling vs. Xiwang Foodstuffs Co | Jiangsu Jinling vs. Sinomach Automobile 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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