Correlation Between Jinling Hotel and Eyebright Medical
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By analyzing existing cross correlation between Jinling Hotel Corp and Eyebright Medical Technology, you can compare the effects of market volatilities on Jinling Hotel and Eyebright 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 Jinling Hotel with a short position of Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinling Hotel and Eyebright Medical.
Diversification Opportunities for Jinling Hotel and Eyebright Medical
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jinling and Eyebright is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Jinling Hotel Corp and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical 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 Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of Jinling Hotel i.e., Jinling Hotel and Eyebright Medical go up and down completely randomly.
Pair Corralation between Jinling Hotel and Eyebright Medical
Assuming the 90 days trading horizon Jinling Hotel Corp is expected to under-perform the Eyebright Medical. But the stock apears to be less risky and, when comparing its historical volatility, Jinling Hotel Corp is 1.08 times less risky than Eyebright Medical. The stock trades about -0.15 of its potential returns per unit of risk. The Eyebright Medical Technology is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 9,255 in Eyebright Medical Technology on October 29, 2024 and sell it today you would earn a total of 692.00 from holding Eyebright Medical Technology or generate 7.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinling Hotel Corp vs. Eyebright Medical Technology
Performance |
| Timeline |
| Jinling Hotel Corp |
| Eyebright Medical |
Jinling Hotel and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinling Hotel and Eyebright Medical
The main advantage of trading using opposite Jinling Hotel and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinling Hotel position performs unexpectedly, Eyebright 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 Eyebright Medical will offset losses from the drop in Eyebright Medical's long position.| Jinling Hotel vs. China Everbright Bank | Jinling Hotel vs. Cabio Biotech Wuhan | Jinling Hotel vs. HUAQIN TECHNOLOGY LTD | Jinling Hotel vs. Shenwu Energy Saving |
| Eyebright Medical vs. Agricultural Bank of | Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. Bank of China | Eyebright Medical vs. China Construction Bank |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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