Correlation Between Jiangsu Jinling and Suofeiya Home
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Suofeiya Home Collection, you can compare the effects of market volatilities on Jiangsu Jinling and Suofeiya Home 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 Suofeiya Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Suofeiya Home.
Diversification Opportunities for Jiangsu Jinling and Suofeiya Home
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiangsu and Suofeiya is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Suofeiya Home Collection in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suofeiya Home Collection 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 Suofeiya Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suofeiya Home Collection has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Suofeiya Home go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Suofeiya Home
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to under-perform the Suofeiya Home. In addition to that, Jiangsu Jinling is 1.24 times more volatile than Suofeiya Home Collection. It trades about -0.02 of its total potential returns per unit of risk. Suofeiya Home Collection is currently generating about 0.0 per unit of volatility. If you would invest 1,909 in Suofeiya Home Collection on October 11, 2024 and sell it today you would lose (343.00) from holding Suofeiya Home Collection or give up 17.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Suofeiya Home Collection
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Suofeiya Home Collection |
Jiangsu Jinling and Suofeiya Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Suofeiya Home
The main advantage of trading using opposite Jiangsu Jinling and Suofeiya Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Suofeiya Home 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 Suofeiya Home will offset losses from the drop in Suofeiya Home's long position.| Jiangsu Jinling vs. Shantou Wanshun Package | Jiangsu Jinling vs. Ping An Insurance | Jiangsu Jinling vs. Xiwang Foodstuffs Co | Jiangsu Jinling vs. Sinomach Automobile Co |
| Suofeiya Home vs. Wuhan Yangtze Communication | Suofeiya Home vs. Guangdong Shenglu Telecommunication | Suofeiya Home vs. China Publishing Media | Suofeiya Home vs. Jiangsu Jinling Sports |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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