Correlation Between Silkroad Visual and Jinlong Machinery
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By analyzing existing cross correlation between Silkroad Visual Technology and Jinlong Machinery Electronic, you can compare the effects of market volatilities on Silkroad Visual and Jinlong Machinery 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 Silkroad Visual with a short position of Jinlong Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Silkroad Visual and Jinlong Machinery.
Diversification Opportunities for Silkroad Visual and Jinlong Machinery
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Silkroad and Jinlong is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Silkroad Visual Technology and Jinlong Machinery Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinlong Machinery and Silkroad Visual 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 Silkroad Visual Technology are associated (or correlated) with Jinlong Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinlong Machinery has no effect on the direction of Silkroad Visual i.e., Silkroad Visual and Jinlong Machinery go up and down completely randomly.
Pair Corralation between Silkroad Visual and Jinlong Machinery
Assuming the 90 days trading horizon Silkroad Visual Technology is expected to under-perform the Jinlong Machinery. In addition to that, Silkroad Visual is 1.16 times more volatile than Jinlong Machinery Electronic. It trades about -0.27 of its total potential returns per unit of risk. Jinlong Machinery Electronic is currently generating about -0.2 per unit of volatility. 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 |
Silkroad Visual Technology vs. Jinlong Machinery Electronic
Performance |
| Timeline |
| Silkroad Visual Tech |
| Jinlong Machinery |
Silkroad Visual and Jinlong Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Silkroad Visual and Jinlong Machinery
The main advantage of trading using opposite Silkroad Visual and Jinlong Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Silkroad Visual position performs unexpectedly, Jinlong Machinery 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 Jinlong Machinery will offset losses from the drop in Jinlong Machinery's long position.| Silkroad Visual vs. Chongqing Shunbo Aluminum | Silkroad Visual vs. Iat Automobile Technology | Silkroad Visual vs. Shanghai CEO Environmental | Silkroad Visual vs. Sanbo Hospital Management |
| Jinlong Machinery vs. Hefei Metalforming Mach | Jinlong Machinery vs. Citic Guoan Wine | Jinlong Machinery vs. Guangzhou Restaurants Group | Jinlong Machinery vs. Shenyang Huitian Thermal |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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