Correlation Between Jiangsu Jinling and Do Fluoride
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Do Fluoride Chemicals Co, you can compare the effects of market volatilities on Jiangsu Jinling and Do Fluoride 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 Do Fluoride. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Do Fluoride.
Diversification Opportunities for Jiangsu Jinling and Do Fluoride
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and 002407 is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Do Fluoride Chemicals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Do Fluoride Chemicals 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 Do Fluoride. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Do Fluoride Chemicals has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Do Fluoride go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Do Fluoride
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 1.15 times less return on investment than Do Fluoride. But when comparing it to its historical volatility, Jiangsu Jinling Sports is 1.1 times less risky than Do Fluoride. It trades about 0.16 of its potential returns per unit of risk. Do Fluoride Chemicals Co is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 986.00 in Do Fluoride Chemicals Co on September 12, 2024 and sell it today you would earn a total of 377.00 from holding Do Fluoride Chemicals Co or generate 38.24% 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. Do Fluoride Chemicals Co
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Do Fluoride Chemicals |
Jiangsu Jinling and Do Fluoride Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Do Fluoride
The main advantage of trading using opposite Jiangsu Jinling and Do Fluoride positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Do Fluoride 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 Do Fluoride will offset losses from the drop in Do Fluoride's long position.| Jiangsu Jinling vs. Lutian Machinery Co | Jiangsu Jinling vs. PetroChina Co Ltd | Jiangsu Jinling vs. Bank of China | Jiangsu Jinling vs. Gansu Jiu Steel |
| Do Fluoride vs. Zijin Mining Group | Do Fluoride vs. Wanhua Chemical Group | Do Fluoride vs. Baoshan Iron Steel | Do Fluoride vs. Rongsheng Petrochemical 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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