Correlation Between Jiangsu Jinling and Malion New
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Malion New Materials, you can compare the effects of market volatilities on Jiangsu Jinling and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Malion New.
Diversification Opportunities for Jiangsu Jinling and Malion New
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Malion is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Malion New go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Malion New
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 0.61 times more return on investment than Malion New. However, Jiangsu Jinling Sports is 1.64 times less risky than Malion New. It trades about 0.07 of its potential returns per unit of risk. Malion New Materials is currently generating about -0.02 per unit of risk. If you would invest 1,375 in Jiangsu Jinling Sports on August 29, 2024 and sell it today you would earn a total of 40.00 from holding Jiangsu Jinling Sports or generate 2.91% 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. Malion New Materials
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Malion New Materials |
Jiangsu Jinling and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Malion New
The main advantage of trading using opposite Jiangsu Jinling and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Jiangsu Jinling vs. Shenzhen MYS Environmental | Jiangsu Jinling vs. AVIC Fund Management | Jiangsu Jinling vs. Shenzhen Bingchuan Network | Jiangsu Jinling vs. Penghua Shenzhen Energy |
| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Shandong Gold Mining |
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 Managers module to screen money managers from public funds and ETFs managed around the world.
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