Correlation Between Jinsanjiang Silicon and Jinling Hotel
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Jinling Hotel Corp, you can compare the effects of market volatilities on Jinsanjiang Silicon 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 Jinsanjiang Silicon with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Jinling Hotel.
Diversification Opportunities for Jinsanjiang Silicon and Jinling Hotel
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinsanjiang and Jinling is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material 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 Jinsanjiang Silicon 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 Jinsanjiang Silicon Material 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 Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Jinling Hotel go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Jinling Hotel
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to under-perform the Jinling Hotel. In addition to that, Jinsanjiang Silicon is 2.18 times more volatile than Jinling Hotel Corp. It trades about -0.15 of its total potential returns per unit of risk. Jinling Hotel Corp is currently generating about -0.2 per unit of volatility. If you would invest 725.00 in Jinling Hotel Corp on October 28, 2024 and sell it today you would lose (63.00) from holding Jinling Hotel Corp or give up 8.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Jinling Hotel Corp
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Jinling Hotel Corp |
Jinsanjiang Silicon and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Jinling Hotel
The main advantage of trading using opposite Jinsanjiang Silicon and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon 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.| Jinsanjiang Silicon vs. Guangzhou Haozhi Industrial | Jinsanjiang Silicon vs. Jinhe Biotechnology Co | Jinsanjiang Silicon vs. Western Metal Materials | Jinsanjiang Silicon vs. Xinjiang Baodi Mining |
| Jinling Hotel vs. China Everbright Bank | Jinling Hotel vs. Cabio Biotech Wuhan | Jinling Hotel vs. HUAQIN TECHNOLOGY LTD | Jinling Hotel vs. Shenwu Energy Saving |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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