Correlation Between Jinling Hotel and GRINM Semiconductor
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinling Hotel Corp and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Jinling Hotel and GRINM Semiconductor 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 GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinling Hotel and GRINM Semiconductor.
Diversification Opportunities for Jinling Hotel and GRINM Semiconductor
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinling and GRINM is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jinling Hotel Corp and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor 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 GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Jinling Hotel i.e., Jinling Hotel and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Jinling Hotel and GRINM Semiconductor
Assuming the 90 days trading horizon Jinling Hotel Corp is expected to under-perform the GRINM Semiconductor. But the stock apears to be less risky and, when comparing its historical volatility, Jinling Hotel Corp is 1.26 times less risky than GRINM Semiconductor. The stock trades about -0.01 of its potential returns per unit of risk. The GRINM Semiconductor Materials is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,351 in GRINM Semiconductor Materials on August 25, 2024 and sell it today you would lose (164.00) from holding GRINM Semiconductor Materials or give up 12.14% 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. GRINM Semiconductor Materials
Performance |
| Timeline |
| Jinling Hotel Corp |
| GRINM Semiconductor |
Jinling Hotel and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinling Hotel and GRINM Semiconductor
The main advantage of trading using opposite Jinling Hotel and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinling Hotel position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor's long position.| Jinling Hotel vs. Ningbo Fangzheng Automobile | Jinling Hotel vs. Road Environment Technology | Jinling Hotel vs. Glodon Software Co | Jinling Hotel vs. Linewell Software Co |
| GRINM Semiconductor vs. Lutian Machinery Co | GRINM Semiconductor vs. China Longyuan Power | GRINM Semiconductor vs. Changshu Tongrun Auto | GRINM Semiconductor vs. PetroChina Co Ltd |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |