Correlation Between Chongqing Sokon and Jinling Hotel
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chongqing Sokon Ind and Jinling Hotel Corp, you can compare the effects of market volatilities on Chongqing Sokon 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 Chongqing Sokon with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chongqing Sokon and Jinling Hotel.
Diversification Opportunities for Chongqing Sokon and Jinling Hotel
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Chongqing and Jinling is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Chongqing Sokon Ind 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 Chongqing Sokon 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 Chongqing Sokon Ind 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 Chongqing Sokon i.e., Chongqing Sokon and Jinling Hotel go up and down completely randomly.
Pair Corralation between Chongqing Sokon and Jinling Hotel
Assuming the 90 days trading horizon Chongqing Sokon Ind is expected to generate 1.52 times more return on investment than Jinling Hotel. However, Chongqing Sokon is 1.52 times more volatile than Jinling Hotel Corp. It trades about 0.08 of its potential returns per unit of risk. Jinling Hotel Corp is currently generating about 0.0 per unit of risk. If you would invest 8,700 in Chongqing Sokon Ind on October 25, 2024 and sell it today you would earn a total of 4,490 from holding Chongqing Sokon Ind or generate 51.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chongqing Sokon Ind vs. Jinling Hotel Corp
Performance |
| Timeline |
| Chongqing Sokon Ind |
| Jinling Hotel Corp |
Chongqing Sokon and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chongqing Sokon and Jinling Hotel
The main advantage of trading using opposite Chongqing Sokon and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chongqing Sokon 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.| Chongqing Sokon vs. Shandong Iron and | Chongqing Sokon vs. Central Plains Environment | Chongqing Sokon vs. Changjiang Jinggong Steel | Chongqing Sokon vs. Eit Environmental Development |
| Jinling Hotel vs. Beijing Mainstreets Investment | Jinling Hotel vs. Henan Shuanghui Investment | Jinling Hotel vs. Cansino Biologics | Jinling Hotel vs. Yili Chuanning Biotechnology |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |