Correlation Between Jinhui Liquor and By Health
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By analyzing existing cross correlation between Jinhui Liquor Co and By health, you can compare the effects of market volatilities on Jinhui Liquor and By Health 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 Jinhui Liquor with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Liquor and By Health.
Diversification Opportunities for Jinhui Liquor and By Health
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jinhui and 300146 is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Liquor Co and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Jinhui Liquor 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 Jinhui Liquor Co are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Jinhui Liquor i.e., Jinhui Liquor and By Health go up and down completely randomly.
Pair Corralation between Jinhui Liquor and By Health
Assuming the 90 days trading horizon Jinhui Liquor Co is expected to generate 1.0 times more return on investment than By Health. However, Jinhui Liquor Co is 1.0 times less risky than By Health. It trades about -0.16 of its potential returns per unit of risk. By health is currently generating about -0.31 per unit of risk. If you would invest 2,000 in Jinhui Liquor Co on October 21, 2024 and sell it today you would lose (103.00) from holding Jinhui Liquor Co or give up 5.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Liquor Co vs. By health
Performance |
| Timeline |
| Jinhui Liquor |
| By health |
Jinhui Liquor and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Liquor and By Health
The main advantage of trading using opposite Jinhui Liquor and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Liquor position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Jinhui Liquor vs. Shenyang Blue Silver | Jinhui Liquor vs. Chenzhou Jingui Silver | Jinhui Liquor vs. Olympic Circuit Technology | Jinhui Liquor vs. Guangzhou KingTeller Technology |
| By Health vs. Kunwu Jiuding Investment | By Health vs. Shanghai Material Trading | By Health vs. Omnijoi Media Corp | By Health vs. Luyin Investment Group |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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