Correlation Between Jiangsu Jinling and Guangzhou Boji
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Guangzhou Boji Medical, you can compare the effects of market volatilities on Jiangsu Jinling and Guangzhou Boji 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 Guangzhou Boji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Guangzhou Boji.
Diversification Opportunities for Jiangsu Jinling and Guangzhou Boji
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Guangzhou is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Guangzhou Boji Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Boji Medical 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 Guangzhou Boji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Boji Medical has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Guangzhou Boji go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Guangzhou Boji
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 2.72 times less return on investment than Guangzhou Boji. In addition to that, Jiangsu Jinling is 1.03 times more volatile than Guangzhou Boji Medical. It trades about 0.01 of its total potential returns per unit of risk. Guangzhou Boji Medical is currently generating about 0.02 per unit of volatility. If you would invest 781.00 in Guangzhou Boji Medical on October 18, 2024 and sell it today you would earn a total of 44.00 from holding Guangzhou Boji Medical or generate 5.63% 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. Guangzhou Boji Medical
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Guangzhou Boji Medical |
Jiangsu Jinling and Guangzhou Boji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Guangzhou Boji
The main advantage of trading using opposite Jiangsu Jinling and Guangzhou Boji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Guangzhou Boji 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 Guangzhou Boji will offset losses from the drop in Guangzhou Boji's long position.| Jiangsu Jinling vs. Cicc Fund Management | Jiangsu Jinling vs. Shanghai CEO Environmental | Jiangsu Jinling vs. Shenzhen Centralcon Investment | Jiangsu Jinling vs. Chengdu Xingrong Investment |
| Guangzhou Boji vs. Kingclean Electric Co | Guangzhou Boji vs. Uroica Mining Safety | Guangzhou Boji vs. Beijing Shunxin Agriculture | Guangzhou Boji vs. Keda Clean Energy |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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