Correlation Between Jiangsu Jinling and Do-Fluoride Chemicals
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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 Chemicals 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 Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Do-Fluoride Chemicals.
Diversification Opportunities for Jiangsu Jinling and Do-Fluoride Chemicals
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Do-Fluoride is 0.96. 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 Chemicals. 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 Chemicals go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Do-Fluoride Chemicals
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 0.68 times more return on investment than Do-Fluoride Chemicals. However, Jiangsu Jinling Sports is 1.47 times less risky than Do-Fluoride Chemicals. It trades about 0.26 of its potential returns per unit of risk. Do Fluoride Chemicals Co is currently generating about 0.13 per unit of risk. If you would invest 1,322 in Jiangsu Jinling Sports on September 1, 2024 and sell it today you would earn a total of 187.00 from holding Jiangsu Jinling Sports or generate 14.15% 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 Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Do-Fluoride Chemicals
The main advantage of trading using opposite Jiangsu Jinling and Do-Fluoride Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Do-Fluoride Chemicals 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 Chemicals will offset losses from the drop in Do-Fluoride Chemicals' long position.| Jiangsu Jinling vs. Nanjing Putian Telecommunications | Jiangsu Jinling vs. Shenzhen Hifuture Electric | Jiangsu Jinling vs. Tianjin Realty Development | Jiangsu Jinling vs. Shenyang Huitian Thermal |
| Do-Fluoride Chemicals vs. Zijin Mining Group | Do-Fluoride Chemicals vs. Wanhua Chemical Group | Do-Fluoride Chemicals vs. Baoshan Iron Steel | Do-Fluoride Chemicals vs. Shandong Gold Mining |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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