Correlation Between Linewell Software and Jiangsu Xinri
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By analyzing existing cross correlation between Linewell Software Co and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Linewell Software and Jiangsu Xinri 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 Linewell Software with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Linewell Software and Jiangsu Xinri.
Diversification Opportunities for Linewell Software and Jiangsu Xinri
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Linewell and Jiangsu is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Linewell Software Co and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Linewell Software 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 Linewell Software Co are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Linewell Software i.e., Linewell Software and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Linewell Software and Jiangsu Xinri
Assuming the 90 days trading horizon Linewell Software Co is expected to generate 1.79 times more return on investment than Jiangsu Xinri. However, Linewell Software is 1.79 times more volatile than Jiangsu Xinri E Vehicle. It trades about 0.13 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about 0.1 per unit of risk. If you would invest 1,108 in Linewell Software Co on September 1, 2024 and sell it today you would earn a total of 113.00 from holding Linewell Software Co or generate 10.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Linewell Software Co vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Linewell Software |
| Jiangsu Xinri E |
Linewell Software and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Linewell Software and Jiangsu Xinri
The main advantage of trading using opposite Linewell Software and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Linewell Software position performs unexpectedly, Jiangsu Xinri 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 Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Linewell Software vs. Ming Yang Smart | Linewell Software vs. 159681 | Linewell Software vs. 159005 | Linewell Software vs. Loctek Ergonomic Technology |
| Jiangsu Xinri vs. Dawning Information Industry | Jiangsu Xinri vs. Ye Chiu Metal | Jiangsu Xinri vs. State Grid InformationCommunication | Jiangsu Xinri vs. Offshore Oil Engineering |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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