Correlation Between Jilin Jlu and PKU HealthCare
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By analyzing existing cross correlation between Jilin Jlu Communication and PKU HealthCare Corp, you can compare the effects of market volatilities on Jilin Jlu and PKU HealthCare 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 Jilin Jlu with a short position of PKU HealthCare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Jlu and PKU HealthCare.
Diversification Opportunities for Jilin Jlu and PKU HealthCare
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jilin and PKU is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Jlu Communication and PKU HealthCare Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PKU HealthCare Corp and Jilin Jlu 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 Jilin Jlu Communication are associated (or correlated) with PKU HealthCare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PKU HealthCare Corp has no effect on the direction of Jilin Jlu i.e., Jilin Jlu and PKU HealthCare go up and down completely randomly.
Pair Corralation between Jilin Jlu and PKU HealthCare
Assuming the 90 days trading horizon Jilin Jlu Communication is expected to generate 1.35 times more return on investment than PKU HealthCare. However, Jilin Jlu is 1.35 times more volatile than PKU HealthCare Corp. It trades about 0.03 of its potential returns per unit of risk. PKU HealthCare Corp is currently generating about -0.02 per unit of risk. If you would invest 797.00 in Jilin Jlu Communication on September 3, 2024 and sell it today you would earn a total of 161.00 from holding Jilin Jlu Communication or generate 20.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin Jlu Communication vs. PKU HealthCare Corp
Performance |
| Timeline |
| Jilin Jlu Communication |
| PKU HealthCare Corp |
Jilin Jlu and PKU HealthCare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin Jlu and PKU HealthCare
The main advantage of trading using opposite Jilin Jlu and PKU HealthCare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Jlu position performs unexpectedly, PKU HealthCare 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 PKU HealthCare will offset losses from the drop in PKU HealthCare's long position.| Jilin Jlu vs. Caihong Display Devices | Jilin Jlu vs. Linewell Software Co | Jilin Jlu vs. China Sports Industry | Jilin Jlu vs. Dhc Software Co |
| PKU HealthCare vs. Chengdu Kanghua Biological | PKU HealthCare vs. Beijing Wantai Biological | PKU HealthCare vs. Suzhou Novoprotein Scientific | PKU HealthCare vs. Aluminum Corp of |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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