Correlation Between Jinling Hotel and Suzhou Fushilai
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By analyzing existing cross correlation between Jinling Hotel Corp and Suzhou Fushilai Pharmaceutical, you can compare the effects of market volatilities on Jinling Hotel and Suzhou Fushilai 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 Jinling Hotel with a short position of Suzhou Fushilai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinling Hotel and Suzhou Fushilai.
Diversification Opportunities for Jinling Hotel and Suzhou Fushilai
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jinling and Suzhou is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Jinling Hotel Corp and Suzhou Fushilai Pharmaceutical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Fushilai Phar and Jinling Hotel 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 Jinling Hotel Corp are associated (or correlated) with Suzhou Fushilai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Fushilai Phar has no effect on the direction of Jinling Hotel i.e., Jinling Hotel and Suzhou Fushilai go up and down completely randomly.
Pair Corralation between Jinling Hotel and Suzhou Fushilai
Assuming the 90 days trading horizon Jinling Hotel Corp is expected to generate 0.63 times more return on investment than Suzhou Fushilai. However, Jinling Hotel Corp is 1.6 times less risky than Suzhou Fushilai. It trades about 0.02 of its potential returns per unit of risk. Suzhou Fushilai Pharmaceutical is currently generating about 0.0 per unit of risk. If you would invest 797.00 in Jinling Hotel Corp on September 14, 2024 and sell it today you would earn a total of 17.00 from holding Jinling Hotel Corp or generate 2.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.62% |
| Values | Daily Returns |
Jinling Hotel Corp vs. Suzhou Fushilai Pharmaceutical
Performance |
| Timeline |
| Jinling Hotel Corp |
| Suzhou Fushilai Phar |
Jinling Hotel and Suzhou Fushilai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinling Hotel and Suzhou Fushilai
The main advantage of trading using opposite Jinling Hotel and Suzhou Fushilai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinling Hotel position performs unexpectedly, Suzhou Fushilai 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 Suzhou Fushilai will offset losses from the drop in Suzhou Fushilai's long position.| Jinling Hotel vs. Ming Yang Smart | Jinling Hotel vs. 159681 | Jinling Hotel vs. 159005 | Jinling Hotel vs. Loctek Ergonomic Technology |
| Suzhou Fushilai vs. Fujian Newland Computer | Suzhou Fushilai vs. Guangzhou Haige Communications | Suzhou Fushilai vs. Jinling Hotel Corp | Suzhou Fushilai vs. Tongyu Communication |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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