Correlation Between Sinofibers Technology and Jilin Jlu
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By analyzing existing cross correlation between Sinofibers Technology Co and Jilin Jlu Communication, you can compare the effects of market volatilities on Sinofibers Technology 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 Sinofibers Technology with a short position of Jilin Jlu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sinofibers Technology and Jilin Jlu.
Diversification Opportunities for Sinofibers Technology and Jilin Jlu
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Sinofibers and Jilin is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Sinofibers Technology Co 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 Sinofibers Technology 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 Sinofibers Technology Co 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 Sinofibers Technology i.e., Sinofibers Technology and Jilin Jlu go up and down completely randomly.
Pair Corralation between Sinofibers Technology and Jilin Jlu
Assuming the 90 days trading horizon Sinofibers Technology is expected to generate 1.58 times less return on investment than Jilin Jlu. But when comparing it to its historical volatility, Sinofibers Technology Co is 1.19 times less risky than Jilin Jlu. It trades about 0.18 of its potential returns per unit of risk. Jilin Jlu Communication is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 795.00 in Jilin Jlu Communication on November 4, 2024 and sell it today you would earn a total of 71.00 from holding Jilin Jlu Communication or generate 8.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sinofibers Technology Co vs. Jilin Jlu Communication
Performance |
| Timeline |
| Sinofibers Technology |
| Jilin Jlu Communication |
Sinofibers Technology and Jilin Jlu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sinofibers Technology and Jilin Jlu
The main advantage of trading using opposite Sinofibers Technology and Jilin Jlu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sinofibers Technology 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.| Sinofibers Technology vs. Guangzhou KDT Machinery | Sinofibers Technology vs. Shaanxi Meineng Clean | Sinofibers Technology vs. Beijing Jiaman Dress | Sinofibers Technology vs. Huatian Hotel Group |
| Jilin Jlu vs. Duzhe Publishing Media | Jilin Jlu vs. Thinkingdom Media Group | Jilin Jlu vs. Anhui Jianghuai Automobile | Jilin Jlu vs. Sinomach Automobile Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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