Correlation Between Jiangsu Jinling and Guangzhou KingTeller
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Guangzhou KingTeller Technology, you can compare the effects of market volatilities on Jiangsu Jinling and Guangzhou KingTeller 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 Jiangsu Jinling with a short position of Guangzhou KingTeller. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Guangzhou KingTeller.
Diversification Opportunities for Jiangsu Jinling and Guangzhou KingTeller
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Guangzhou is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Guangzhou KingTeller Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou KingTeller and Jiangsu Jinling 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 Jiangsu Jinling Sports are associated (or correlated) with Guangzhou KingTeller. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou KingTeller has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Guangzhou KingTeller go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Guangzhou KingTeller
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 1.89 times less return on investment than Guangzhou KingTeller. But when comparing it to its historical volatility, Jiangsu Jinling Sports is 2.03 times less risky than Guangzhou KingTeller. It trades about 0.15 of its potential returns per unit of risk. Guangzhou KingTeller Technology is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 549.00 in Guangzhou KingTeller Technology on September 13, 2024 and sell it today you would earn a total of 77.00 from holding Guangzhou KingTeller Technology or generate 14.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Guangzhou KingTeller Technolog
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Guangzhou KingTeller |
Jiangsu Jinling and Guangzhou KingTeller Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Guangzhou KingTeller
The main advantage of trading using opposite Jiangsu Jinling and Guangzhou KingTeller positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Guangzhou KingTeller 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 Guangzhou KingTeller will offset losses from the drop in Guangzhou KingTeller's long position.| Jiangsu Jinling vs. Beijing Wandong Medical | Jiangsu Jinling vs. Guangzhou Boji Medical | Jiangsu Jinling vs. Allmed Medical Products | Jiangsu Jinling vs. Allgens Medical Technology |
| Guangzhou KingTeller vs. Industrial and Commercial | Guangzhou KingTeller vs. China Construction Bank | Guangzhou KingTeller vs. Bank of China | Guangzhou KingTeller vs. Agricultural Bank 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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