Correlation Between Jiangsu Xinri and Jinzai Food
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Jinzai Food Group, you can compare the effects of market volatilities on Jiangsu Xinri and Jinzai Food 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 Jiangsu Xinri with a short position of Jinzai Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Jinzai Food.
Diversification Opportunities for Jiangsu Xinri and Jinzai Food
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangsu and Jinzai is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Jinzai Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinzai Food Group and Jiangsu Xinri 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 Jiangsu Xinri E Vehicle are associated (or correlated) with Jinzai Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinzai Food Group has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Jinzai Food go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Jinzai Food
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to under-perform the Jinzai Food. In addition to that, Jiangsu Xinri is 1.01 times more volatile than Jinzai Food Group. It trades about -0.04 of its total potential returns per unit of risk. Jinzai Food Group is currently generating about 0.03 per unit of volatility. If you would invest 1,056 in Jinzai Food Group on October 10, 2024 and sell it today you would earn a total of 286.00 from holding Jinzai Food Group or generate 27.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Jinzai Food Group
Performance |
| Timeline |
| Jiangsu Xinri E |
| Jinzai Food Group |
Jiangsu Xinri and Jinzai Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Jinzai Food
The main advantage of trading using opposite Jiangsu Xinri and Jinzai Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Jinzai Food 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 Jinzai Food will offset losses from the drop in Jinzai Food's long position.| Jiangsu Xinri vs. Gansu Huangtai Wine marketing | Jiangsu Xinri vs. Ye Chiu Metal | Jiangsu Xinri vs. Guocheng Mining Co | Jiangsu Xinri vs. Hainan Mining Co |
| Jinzai Food vs. Fujian Boss Software | Jinzai Food vs. Ningbo Ligong Online | Jinzai Food vs. Sichuan Hebang Biotechnology | Jinzai Food vs. Anhui Huaheng 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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