Correlation Between Jiangsu Jinling and Elite Color
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Elite Color Environmental, you can compare the effects of market volatilities on Jiangsu Jinling and Elite Color 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 Elite Color. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Elite Color.
Diversification Opportunities for Jiangsu Jinling and Elite Color
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Elite is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Elite Color Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elite Color Environmental 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 Elite Color. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elite Color Environmental has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Elite Color go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Elite Color
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 1.55 times less return on investment than Elite Color. In addition to that, Jiangsu Jinling is 1.25 times more volatile than Elite Color Environmental. It trades about 0.05 of its total potential returns per unit of risk. Elite Color Environmental is currently generating about 0.09 per unit of volatility. If you would invest 610.00 in Elite Color Environmental on November 3, 2024 and sell it today you would earn a total of 19.00 from holding Elite Color Environmental or generate 3.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Elite Color Environmental
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Elite Color Environmental |
Jiangsu Jinling and Elite Color Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Elite Color
The main advantage of trading using opposite Jiangsu Jinling and Elite Color positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Elite Color 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 Elite Color will offset losses from the drop in Elite Color's long position.| Jiangsu Jinling vs. Anhui Shiny Electronic | Jiangsu Jinling vs. Ningbo Ligong Online | Jiangsu Jinling vs. Peoples Insurance of | Jiangsu Jinling vs. Lecron Energy Saving |
| Elite Color vs. Northking Information Technology | Elite Color vs. Sichuan Yahua Industrial | Elite Color vs. Xinjiang Baodi Mining | Elite Color vs. Shenzhen Shenbao Industrial |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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