Correlation Between Jinling Hotel and Shanghai Jinfeng
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By analyzing existing cross correlation between Jinling Hotel Corp and Shanghai Jinfeng Wine, you can compare the effects of market volatilities on Jinling Hotel and Shanghai Jinfeng 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 Shanghai Jinfeng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinling Hotel and Shanghai Jinfeng.
Diversification Opportunities for Jinling Hotel and Shanghai Jinfeng
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinling and Shanghai is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jinling Hotel Corp and Shanghai Jinfeng Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Jinfeng Wine 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 Shanghai Jinfeng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Jinfeng Wine has no effect on the direction of Jinling Hotel i.e., Jinling Hotel and Shanghai Jinfeng go up and down completely randomly.
Pair Corralation between Jinling Hotel and Shanghai Jinfeng
Assuming the 90 days trading horizon Jinling Hotel Corp is expected to under-perform the Shanghai Jinfeng. In addition to that, Jinling Hotel is 1.1 times more volatile than Shanghai Jinfeng Wine. It trades about -0.01 of its total potential returns per unit of risk. Shanghai Jinfeng Wine is currently generating about 0.0 per unit of volatility. If you would invest 658.00 in Shanghai Jinfeng Wine on September 5, 2024 and sell it today you would lose (48.00) from holding Shanghai Jinfeng Wine or give up 7.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinling Hotel Corp vs. Shanghai Jinfeng Wine
Performance |
| Timeline |
| Jinling Hotel Corp |
| Shanghai Jinfeng Wine |
Jinling Hotel and Shanghai Jinfeng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinling Hotel and Shanghai Jinfeng
The main advantage of trading using opposite Jinling Hotel and Shanghai Jinfeng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinling Hotel position performs unexpectedly, Shanghai Jinfeng 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 Shanghai Jinfeng will offset losses from the drop in Shanghai Jinfeng's long position.| Jinling Hotel vs. Xiandai Investment Co | Jinling Hotel vs. Guangdong Jinming Machinery | Jinling Hotel vs. Jiangsu Yueda Investment | Jinling Hotel vs. Anhui Huilong Agricultural |
| Shanghai Jinfeng vs. Tonghua Grape Wine | Shanghai Jinfeng vs. Jiangsu Jinling Sports | Shanghai Jinfeng vs. Guangzhou KingTeller Technology | Shanghai Jinfeng vs. Jinling Hotel Corp |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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