Correlation Between Jiangsu Jinling and Wuhan Hvsen
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Wuhan Hvsen Biotechnology, you can compare the effects of market volatilities on Jiangsu Jinling and Wuhan Hvsen 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 Wuhan Hvsen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Wuhan Hvsen.
Diversification Opportunities for Jiangsu Jinling and Wuhan Hvsen
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Wuhan is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Wuhan Hvsen Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Hvsen Biotechnology 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 Wuhan Hvsen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Hvsen Biotechnology has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Wuhan Hvsen go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Wuhan Hvsen
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 3.24 times less return on investment than Wuhan Hvsen. But when comparing it to its historical volatility, Jiangsu Jinling Sports is 1.12 times less risky than Wuhan Hvsen. It trades about 0.03 of its potential returns per unit of risk. Wuhan Hvsen Biotechnology is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,147 in Wuhan Hvsen Biotechnology on September 3, 2024 and sell it today you would earn a total of 102.00 from holding Wuhan Hvsen Biotechnology or generate 8.89% 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. Wuhan Hvsen Biotechnology
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Wuhan Hvsen Biotechnology |
Jiangsu Jinling and Wuhan Hvsen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Wuhan Hvsen
The main advantage of trading using opposite Jiangsu Jinling and Wuhan Hvsen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Wuhan Hvsen 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 Wuhan Hvsen will offset losses from the drop in Wuhan Hvsen's long position.| Jiangsu Jinling vs. PetroChina Co Ltd | Jiangsu Jinling vs. China Mobile Limited | Jiangsu Jinling vs. Industrial and Commercial | Jiangsu Jinling vs. China Life Insurance |
| Wuhan Hvsen vs. Chengdu Kanghua Biological | Wuhan Hvsen vs. Beijing Wantai Biological | Wuhan Hvsen vs. Suzhou Novoprotein Scientific | Wuhan Hvsen vs. Aluminum Corp of |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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