Correlation Between Jangho Group and Jinling Hotel
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By analyzing existing cross correlation between Jangho Group Co and Jinling Hotel Corp, you can compare the effects of market volatilities on Jangho Group 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 Jangho Group with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jangho Group and Jinling Hotel.
Diversification Opportunities for Jangho Group and Jinling Hotel
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jangho and Jinling is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jangho Group Co 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 Jangho Group 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 Jangho Group Co 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 Jangho Group i.e., Jangho Group and Jinling Hotel go up and down completely randomly.
Pair Corralation between Jangho Group and Jinling Hotel
Assuming the 90 days trading horizon Jangho Group Co is expected to under-perform the Jinling Hotel. But the stock apears to be less risky and, when comparing its historical volatility, Jangho Group Co is 1.05 times less risky than Jinling Hotel. The stock trades about -0.01 of its potential returns per unit of risk. The Jinling Hotel Corp is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 763.00 in Jinling Hotel Corp on September 3, 2024 and sell it today you would lose (36.00) from holding Jinling Hotel Corp or give up 4.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jangho Group Co vs. Jinling Hotel Corp
Performance |
| Timeline |
| Jangho Group |
| Jinling Hotel Corp |
Jangho Group and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jangho Group and Jinling Hotel
The main advantage of trading using opposite Jangho Group and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jangho Group 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.| Jangho Group vs. BTG Hotels Group | Jangho Group vs. Tsingtao Brewery Co | Jangho Group vs. Jonjee Hi tech Industrial | Jangho Group vs. Juneyao Airlines |
| Jinling Hotel vs. King Strong New Material | Jinling Hotel vs. Kangxin New Materials | Jinling Hotel vs. Orinko Advanced Plastics | Jinling Hotel vs. Xizi Clean Energy |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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