Correlation Between Hainan Haiqi and Jiangsu Jinling
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Hainan Haiqi and Jiangsu Jinling 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 Hainan Haiqi with a short position of Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Jiangsu Jinling.
Diversification Opportunities for Hainan Haiqi and Jiangsu Jinling
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hainan and Jiangsu is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports and Hainan Haiqi 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 Hainan Haiqi Transportation are associated (or correlated) with Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Hainan Haiqi i.e., Hainan Haiqi and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Jiangsu Jinling
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to generate 1.41 times more return on investment than Jiangsu Jinling. However, Hainan Haiqi is 1.41 times more volatile than Jiangsu Jinling Sports. It trades about 0.06 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about 0.0 per unit of risk. If you would invest 1,850 in Hainan Haiqi Transportation on August 25, 2024 and sell it today you would earn a total of 64.00 from holding Hainan Haiqi Transportation or generate 3.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Jiangsu Jinling Sports |
Hainan Haiqi and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Jiangsu Jinling
The main advantage of trading using opposite Hainan Haiqi and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi position performs unexpectedly, Jiangsu Jinling 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 Jiangsu Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Hainan Haiqi vs. Dongfeng Automobile Co | Hainan Haiqi vs. Sinomach Automobile Co | Hainan Haiqi vs. China Reform Health | Hainan Haiqi vs. Heren Health Co |
| Jiangsu Jinling vs. Western Metal Materials | Jiangsu Jinling vs. Dalian Thermal Power | Jiangsu Jinling vs. Shanghai Yanpu Metal | Jiangsu Jinling vs. China Publishing Media |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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