Correlation Between Jiangsu Jinling and Tangel Publishing
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Tangel Publishing, you can compare the effects of market volatilities on Jiangsu Jinling and Tangel Publishing 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 Tangel Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Tangel Publishing.
Diversification Opportunities for Jiangsu Jinling and Tangel Publishing
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Tangel is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Tangel Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tangel Publishing 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 Tangel Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tangel Publishing has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Tangel Publishing go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Tangel Publishing
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to under-perform the Tangel Publishing. But the stock apears to be less risky and, when comparing its historical volatility, Jiangsu Jinling Sports is 1.32 times less risky than Tangel Publishing. The stock trades about -0.03 of its potential returns per unit of risk. The Tangel Publishing is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 337.00 in Tangel Publishing on October 14, 2024 and sell it today you would earn a total of 4.00 from holding Tangel Publishing or generate 1.19% 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. Tangel Publishing
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Tangel Publishing |
Jiangsu Jinling and Tangel Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Tangel Publishing
The main advantage of trading using opposite Jiangsu Jinling and Tangel Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Tangel Publishing 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 Tangel Publishing will offset losses from the drop in Tangel Publishing's long position.| Jiangsu Jinling vs. Jiangsu Financial Leasing | Jiangsu Jinling vs. Sichuan Teway Food | Jiangsu Jinling vs. Suzhou Weizhixiang Food | Jiangsu Jinling vs. Tonghua Grape Wine |
| Tangel Publishing vs. Sichuan Yahua Industrial | Tangel Publishing vs. Suzhou Industrial Park | Tangel Publishing vs. Jiangsu Jinling Sports | Tangel Publishing vs. Guangdong Jingyi Metal |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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