Correlation Between Jiangsu Jinling and Jilin Jlu
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Jilin Jlu Communication, you can compare the effects of market volatilities on Jiangsu Jinling and Jilin Jlu 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 Jilin Jlu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Jilin Jlu.
Diversification Opportunities for Jiangsu Jinling and Jilin Jlu
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Jilin is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Jilin Jlu Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jilin Jlu Communication 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 Jilin Jlu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jilin Jlu Communication has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Jilin Jlu go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Jilin Jlu
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 1.27 times more return on investment than Jilin Jlu. However, Jiangsu Jinling is 1.27 times more volatile than Jilin Jlu Communication. It trades about 0.08 of its potential returns per unit of risk. Jilin Jlu Communication is currently generating about 0.1 per unit of risk. If you would invest 1,288 in Jiangsu Jinling Sports on December 1, 2024 and sell it today you would earn a total of 44.00 from holding Jiangsu Jinling Sports or generate 3.42% 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. Jilin Jlu Communication
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Jilin Jlu Communication |
Jiangsu Jinling and Jilin Jlu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Jilin Jlu
The main advantage of trading using opposite Jiangsu Jinling and Jilin Jlu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Jilin Jlu 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 Jilin Jlu will offset losses from the drop in Jilin Jlu's long position.| Jiangsu Jinling vs. Lander Sports Development | Jiangsu Jinling vs. Iat Automobile Technology | Jiangsu Jinling vs. Xiangyang Automobile Bearing | Jiangsu Jinling vs. Eastern Air Logistics |
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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