Correlation Between SSAW Hotels and Xiamen Jihong
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By analyzing existing cross correlation between SSAW Hotels Resorts and Xiamen Jihong Package, you can compare the effects of market volatilities on SSAW Hotels and Xiamen Jihong 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 SSAW Hotels with a short position of Xiamen Jihong. Check out your portfolio center. Please also check ongoing floating volatility patterns of SSAW Hotels and Xiamen Jihong.
Diversification Opportunities for SSAW Hotels and Xiamen Jihong
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SSAW and Xiamen is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding SSAW Hotels Resorts and Xiamen Jihong Package in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Jihong Package and SSAW Hotels 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 SSAW Hotels Resorts are associated (or correlated) with Xiamen Jihong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Jihong Package has no effect on the direction of SSAW Hotels i.e., SSAW Hotels and Xiamen Jihong go up and down completely randomly.
Pair Corralation between SSAW Hotels and Xiamen Jihong
Assuming the 90 days trading horizon SSAW Hotels Resorts is expected to under-perform the Xiamen Jihong. In addition to that, SSAW Hotels is 1.15 times more volatile than Xiamen Jihong Package. It trades about -0.02 of its total potential returns per unit of risk. Xiamen Jihong Package is currently generating about 0.01 per unit of volatility. If you would invest 1,493 in Xiamen Jihong Package on October 16, 2024 and sell it today you would lose (236.00) from holding Xiamen Jihong Package or give up 15.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SSAW Hotels Resorts vs. Xiamen Jihong Package
Performance |
| Timeline |
| SSAW Hotels Resorts |
| Xiamen Jihong Package |
SSAW Hotels and Xiamen Jihong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SSAW Hotels and Xiamen Jihong
The main advantage of trading using opposite SSAW Hotels and Xiamen Jihong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SSAW Hotels position performs unexpectedly, Xiamen Jihong 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 Xiamen Jihong will offset losses from the drop in Xiamen Jihong's long position.| SSAW Hotels vs. Beijing Kingsoft Office | SSAW Hotels vs. Songz Automobile Air | SSAW Hotels vs. Tianjin Hi Tech Development | SSAW Hotels vs. Dongfeng Automobile Co |
| Xiamen Jihong vs. Giantec Semiconductor Corp | Xiamen Jihong vs. Eastroc Beverage Group | Xiamen Jihong vs. GigaDevice SemiconductorBeiji | Xiamen Jihong vs. Beijing Sanyuan Foods |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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