Correlation Between Jiangsu Jinling and Allwin Telecommunicatio
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Allwin Telecommunication Co, you can compare the effects of market volatilities on Jiangsu Jinling and Allwin Telecommunicatio 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 Allwin Telecommunicatio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Allwin Telecommunicatio.
Diversification Opportunities for Jiangsu Jinling and Allwin Telecommunicatio
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Allwin is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Allwin Telecommunication Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allwin Telecommunicatio 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 Allwin Telecommunicatio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allwin Telecommunicatio has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Allwin Telecommunicatio go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Allwin Telecommunicatio
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 1.22 times more return on investment than Allwin Telecommunicatio. However, Jiangsu Jinling is 1.22 times more volatile than Allwin Telecommunication Co. It trades about 0.08 of its potential returns per unit of risk. Allwin Telecommunication Co is currently generating about 0.09 per unit of risk. If you would invest 1,288 in Jiangsu Jinling Sports on December 1, 2024 and sell it today you would earn a total of 44.00 from holding Jiangsu Jinling Sports or generate 3.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Allwin Telecommunication Co
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Allwin Telecommunicatio |
Jiangsu Jinling and Allwin Telecommunicatio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Allwin Telecommunicatio
The main advantage of trading using opposite Jiangsu Jinling and Allwin Telecommunicatio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Allwin Telecommunicatio 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 Allwin Telecommunicatio will offset losses from the drop in Allwin Telecommunicatio's long position.| Jiangsu Jinling vs. Lander Sports Development | Jiangsu Jinling vs. Iat Automobile Technology | Jiangsu Jinling vs. Xiangyang Automobile Bearing | Jiangsu Jinling vs. Eastern Air Logistics |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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