Correlation Between Jilin Jlu and Nanjing Vishee
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By analyzing existing cross correlation between Jilin Jlu Communication and Nanjing Vishee Medical, you can compare the effects of market volatilities on Jilin Jlu and Nanjing Vishee 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 Nanjing Vishee. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Jlu and Nanjing Vishee.
Diversification Opportunities for Jilin Jlu and Nanjing Vishee
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jilin and Nanjing is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Jlu Communication and Nanjing Vishee Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing Vishee Medical 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 Nanjing Vishee. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing Vishee Medical has no effect on the direction of Jilin Jlu i.e., Jilin Jlu and Nanjing Vishee go up and down completely randomly.
Pair Corralation between Jilin Jlu and Nanjing Vishee
Assuming the 90 days trading horizon Jilin Jlu Communication is expected to generate 1.0 times more return on investment than Nanjing Vishee. However, Jilin Jlu Communication is 1.0 times less risky than Nanjing Vishee. It trades about -0.07 of its potential returns per unit of risk. Nanjing Vishee Medical is currently generating about -0.07 per unit of risk. If you would invest 958.00 in Jilin Jlu Communication on October 30, 2024 and sell it today you would lose (92.00) from holding Jilin Jlu Communication or give up 9.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin Jlu Communication vs. Nanjing Vishee Medical
Performance |
| Timeline |
| Jilin Jlu Communication |
| Nanjing Vishee Medical |
Jilin Jlu and Nanjing Vishee Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin Jlu and Nanjing Vishee
The main advantage of trading using opposite Jilin Jlu and Nanjing Vishee positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Jlu position performs unexpectedly, Nanjing Vishee 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 Nanjing Vishee will offset losses from the drop in Nanjing Vishee's long position.| Jilin Jlu vs. Industrial and Commercial | Jilin Jlu vs. China Construction Bank | Jilin Jlu vs. Agricultural Bank of | Jilin Jlu vs. Bank of China |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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