Correlation Between Shenzhen Dynanonic and Jinling Hotel
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By analyzing existing cross correlation between Shenzhen Dynanonic Co and Jinling Hotel Corp, you can compare the effects of market volatilities on Shenzhen Dynanonic and Jinling Hotel 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 Shenzhen Dynanonic with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Dynanonic and Jinling Hotel.
Diversification Opportunities for Shenzhen Dynanonic and Jinling Hotel
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Jinling is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Dynanonic Co and Jinling Hotel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinling Hotel Corp and Shenzhen Dynanonic 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 Shenzhen Dynanonic Co are associated (or correlated) with Jinling Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinling Hotel Corp has no effect on the direction of Shenzhen Dynanonic i.e., Shenzhen Dynanonic and Jinling Hotel go up and down completely randomly.
Pair Corralation between Shenzhen Dynanonic and Jinling Hotel
Assuming the 90 days trading horizon Shenzhen Dynanonic Co is expected to under-perform the Jinling Hotel. In addition to that, Shenzhen Dynanonic is 1.62 times more volatile than Jinling Hotel Corp. It trades about -0.27 of its total potential returns per unit of risk. Jinling Hotel Corp is currently generating about -0.13 per unit of volatility. If you would invest 706.00 in Jinling Hotel Corp on October 30, 2024 and sell it today you would lose (40.00) from holding Jinling Hotel Corp or give up 5.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Dynanonic Co vs. Jinling Hotel Corp
Performance |
| Timeline |
| Shenzhen Dynanonic |
| Jinling Hotel Corp |
Shenzhen Dynanonic and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Dynanonic and Jinling Hotel
The main advantage of trading using opposite Shenzhen Dynanonic and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Dynanonic position performs unexpectedly, Jinling Hotel 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 Jinling Hotel will offset losses from the drop in Jinling Hotel's long position.| Shenzhen Dynanonic vs. BrightGene Bio Medical | Shenzhen Dynanonic vs. Qingdao Haier Biomedical | Shenzhen Dynanonic vs. Threes Company Media | Shenzhen Dynanonic vs. Omnijoi Media Corp |
| Jinling Hotel vs. Guangzhou Haige Communications | Jinling Hotel vs. Beijing Jiaman Dress | Jinling Hotel vs. GRINM Semiconductor Materials | Jinling Hotel vs. Xinjiang Communications Construction |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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