Correlation Between Yindu Kitchen and Jingjin Environmental
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By analyzing existing cross correlation between Yindu Kitchen Equipment and Jingjin Environmental Protection, you can compare the effects of market volatilities on Yindu Kitchen and Jingjin Environmental 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 Yindu Kitchen with a short position of Jingjin Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and Jingjin Environmental.
Diversification Opportunities for Yindu Kitchen and Jingjin Environmental
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Yindu and Jingjin is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and Jingjin Environmental Protecti in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jingjin Environmental and Yindu Kitchen 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 Yindu Kitchen Equipment are associated (or correlated) with Jingjin Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jingjin Environmental has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and Jingjin Environmental go up and down completely randomly.
Pair Corralation between Yindu Kitchen and Jingjin Environmental
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to generate 1.67 times more return on investment than Jingjin Environmental. However, Yindu Kitchen is 1.67 times more volatile than Jingjin Environmental Protection. It trades about 0.16 of its potential returns per unit of risk. Jingjin Environmental Protection is currently generating about -0.3 per unit of risk. If you would invest 2,435 in Yindu Kitchen Equipment on October 25, 2024 and sell it today you would earn a total of 185.00 from holding Yindu Kitchen Equipment or generate 7.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Yindu Kitchen Equipment vs. Jingjin Environmental Protecti
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| Jingjin Environmental |
Yindu Kitchen and Jingjin Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and Jingjin Environmental
The main advantage of trading using opposite Yindu Kitchen and Jingjin Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, Jingjin Environmental 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 Jingjin Environmental will offset losses from the drop in Jingjin Environmental's long position.| Yindu Kitchen vs. Kweichow Moutai Co | Yindu Kitchen vs. Contemporary Amperex Technology | Yindu Kitchen vs. Beijing Roborock Technology | Yindu Kitchen vs. BYD Co Ltd |
| Jingjin Environmental vs. China Everbright Bank | Jingjin Environmental vs. Peoples Insurance of | Jingjin Environmental vs. Everdisplay Optronics Shanghai | Jingjin Environmental vs. Panda Financial Holding |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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