Correlation Between Jiangsu Jinling and Fujian Boss
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Fujian Boss Software, you can compare the effects of market volatilities on Jiangsu Jinling and Fujian Boss 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 Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Fujian Boss.
Diversification Opportunities for Jiangsu Jinling and Fujian Boss
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Fujian is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software 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 Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Fujian Boss go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Fujian Boss
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 0.64 times more return on investment than Fujian Boss. However, Jiangsu Jinling Sports is 1.57 times less risky than Fujian Boss. It trades about 0.29 of its potential returns per unit of risk. Fujian Boss Software is currently generating about 0.12 per unit of risk. If you would invest 1,314 in Jiangsu Jinling Sports on September 5, 2024 and sell it today you would earn a total of 209.00 from holding Jiangsu Jinling Sports or generate 15.91% 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. Fujian Boss Software
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Fujian Boss Software |
Jiangsu Jinling and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Fujian Boss
The main advantage of trading using opposite Jiangsu Jinling and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Fujian Boss 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 Fujian Boss will offset losses from the drop in Fujian Boss' long position.| Jiangsu Jinling vs. Spring Airlines Co | Jiangsu Jinling vs. Tianjin Capital Environmental | Jiangsu Jinling vs. Ningbo Ligong Online | Jiangsu Jinling vs. Elite Color Environmental |
| Fujian Boss vs. Guangdong Jinma Entertainment | Fujian Boss vs. Hainan Mining Co | Fujian Boss vs. JiShi Media Co | Fujian Boss vs. Ye Chiu 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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