Correlation Between Jiangsu Financial and Cowealth Medical
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By analyzing existing cross correlation between Jiangsu Financial Leasing and Cowealth Medical China, you can compare the effects of market volatilities on Jiangsu Financial and Cowealth Medical 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 Financial with a short position of Cowealth Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Financial and Cowealth Medical.
Diversification Opportunities for Jiangsu Financial and Cowealth Medical
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Cowealth is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Financial Leasing and Cowealth Medical China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cowealth Medical China and Jiangsu Financial 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 Financial Leasing are associated (or correlated) with Cowealth Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cowealth Medical China has no effect on the direction of Jiangsu Financial i.e., Jiangsu Financial and Cowealth Medical go up and down completely randomly.
Pair Corralation between Jiangsu Financial and Cowealth Medical
Assuming the 90 days trading horizon Jiangsu Financial Leasing is expected to generate 0.5 times more return on investment than Cowealth Medical. However, Jiangsu Financial Leasing is 1.99 times less risky than Cowealth Medical. It trades about -0.01 of its potential returns per unit of risk. Cowealth Medical China is currently generating about -0.33 per unit of risk. If you would invest 508.00 in Jiangsu Financial Leasing on October 17, 2024 and sell it today you would lose (2.00) from holding Jiangsu Financial Leasing or give up 0.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Financial Leasing vs. Cowealth Medical China
Performance |
| Timeline |
| Jiangsu Financial Leasing |
| Cowealth Medical China |
Jiangsu Financial and Cowealth Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Financial and Cowealth Medical
The main advantage of trading using opposite Jiangsu Financial and Cowealth Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Financial position performs unexpectedly, Cowealth Medical 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 Cowealth Medical will offset losses from the drop in Cowealth Medical's long position.| Jiangsu Financial vs. Guangzhou Seagull Kitchen | Jiangsu Financial vs. Anhui Deli Household | Jiangsu Financial vs. Anhui Gujing Distillery | Jiangsu Financial vs. Shanghai Jinfeng Wine |
| Cowealth Medical vs. CICC Fund Management | Cowealth Medical vs. Hengli Petrochemical Co | Cowealth Medical vs. Lander Sports Development | Cowealth Medical vs. Jiangsu Financial Leasing |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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