Correlation Between Jilin Jlu and By Health
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By analyzing existing cross correlation between Jilin Jlu Communication and By health, you can compare the effects of market volatilities on Jilin Jlu and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Jlu and By Health.
Diversification Opportunities for Jilin Jlu and By Health
Very poor diversification
The 3 months correlation between Jilin and 300146 is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Jlu Communication and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Jilin Jlu i.e., Jilin Jlu and By Health go up and down completely randomly.
Pair Corralation between Jilin Jlu and By Health
Assuming the 90 days trading horizon Jilin Jlu Communication is expected to generate 1.16 times more return on investment than By Health. However, Jilin Jlu is 1.16 times more volatile than By health. It trades about 0.14 of its potential returns per unit of risk. By health is currently generating about 0.08 per unit of risk. If you would invest 712.00 in Jilin Jlu Communication on September 2, 2024 and sell it today you would earn a total of 246.00 from holding Jilin Jlu Communication or generate 34.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin Jlu Communication vs. By health
Performance |
| Timeline |
| Jilin Jlu Communication |
| By health |
Jilin Jlu and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin Jlu and By Health
The main advantage of trading using opposite Jilin Jlu and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Jlu position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Jilin Jlu vs. 159681 | Jilin Jlu vs. 159005 | Jilin Jlu vs. Loctek Ergonomic Technology | Jilin Jlu vs. 516220 |
| By Health vs. Guosheng Financial Holding | By Health vs. Jiangsu Financial Leasing | By Health vs. Panda Financial Holding | By Health vs. Linewell Software 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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