Correlation Between Jiangsu Broadcasting and Jinling Hotel
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By analyzing existing cross correlation between Jiangsu Broadcasting Cable and Jinling Hotel Corp, you can compare the effects of market volatilities on Jiangsu Broadcasting 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 Jiangsu Broadcasting with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Broadcasting and Jinling Hotel.
Diversification Opportunities for Jiangsu Broadcasting and Jinling Hotel
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Jinling is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Broadcasting Cable 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 Jiangsu Broadcasting 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 Broadcasting Cable 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 Jiangsu Broadcasting i.e., Jiangsu Broadcasting and Jinling Hotel go up and down completely randomly.
Pair Corralation between Jiangsu Broadcasting and Jinling Hotel
Assuming the 90 days trading horizon Jiangsu Broadcasting Cable is expected to generate 1.49 times more return on investment than Jinling Hotel. However, Jiangsu Broadcasting is 1.49 times more volatile than Jinling Hotel Corp. It trades about 0.11 of its potential returns per unit of risk. Jinling Hotel Corp is currently generating about 0.15 per unit of risk. If you would invest 363.00 in Jiangsu Broadcasting Cable on September 12, 2024 and sell it today you would earn a total of 23.00 from holding Jiangsu Broadcasting Cable or generate 6.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Broadcasting Cable vs. Jinling Hotel Corp
Performance |
| Timeline |
| Jiangsu Broadcasting |
| Jinling Hotel Corp |
Jiangsu Broadcasting and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Broadcasting and Jinling Hotel
The main advantage of trading using opposite Jiangsu Broadcasting and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Broadcasting 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.| Jiangsu Broadcasting vs. Kweichow Moutai Co | Jiangsu Broadcasting vs. Shenzhen Mindray Bio Medical | Jiangsu Broadcasting vs. G bits Network Technology | Jiangsu Broadcasting vs. Beijing Roborock Technology |
| Jinling Hotel vs. Lutian Machinery Co | Jinling Hotel vs. PetroChina Co Ltd | Jinling Hotel vs. Bank of China | Jinling Hotel vs. Gansu Jiu Steel |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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