Correlation Between Jiangsu Jinling and Jiangxi JDL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Jinling Sports and Jiangxi JDL Environmental, you can compare the effects of market volatilities on Jiangsu Jinling and Jiangxi JDL 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 Jiangxi JDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Jiangxi JDL.
Diversification Opportunities for Jiangsu Jinling and Jiangxi JDL
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Jiangxi is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Jiangxi JDL Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi JDL Environmental 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 Jiangxi JDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi JDL Environmental has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Jiangxi JDL go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Jiangxi JDL
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to under-perform the Jiangxi JDL. In addition to that, Jiangsu Jinling is 1.44 times more volatile than Jiangxi JDL Environmental. It trades about -0.03 of its total potential returns per unit of risk. Jiangxi JDL Environmental is currently generating about -0.01 per unit of volatility. If you would invest 1,302 in Jiangxi JDL Environmental on August 25, 2024 and sell it today you would lose (143.00) from holding Jiangxi JDL Environmental or give up 10.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Jiangxi JDL Environmental
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Jiangxi JDL Environmental |
Jiangsu Jinling and Jiangxi JDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Jiangxi JDL
The main advantage of trading using opposite Jiangsu Jinling and Jiangxi JDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Jiangxi JDL 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 Jiangxi JDL will offset losses from the drop in Jiangxi JDL's long position.| Jiangsu Jinling vs. Western Metal Materials | Jiangsu Jinling vs. Dalian Thermal Power | Jiangsu Jinling vs. Shanghai Yanpu Metal | Jiangsu Jinling vs. China Publishing Media |
| Jiangxi JDL vs. Guizhou BroadcastingTV Info | Jiangxi JDL vs. Xizi Clean Energy | Jiangxi JDL vs. Longjian Road Bridge | Jiangxi JDL vs. XinJiang GuoTong Pipeline |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |