Correlation Between Jinhui Liquor and Tianjin Ruixin
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By analyzing existing cross correlation between Jinhui Liquor Co and Tianjin Ruixin Technology, you can compare the effects of market volatilities on Jinhui Liquor and Tianjin Ruixin 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 Tianjin Ruixin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Liquor and Tianjin Ruixin.
Diversification Opportunities for Jinhui Liquor and Tianjin Ruixin
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jinhui and Tianjin is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Liquor Co and Tianjin Ruixin Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Ruixin Technology 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 Tianjin Ruixin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Ruixin Technology has no effect on the direction of Jinhui Liquor i.e., Jinhui Liquor and Tianjin Ruixin go up and down completely randomly.
Pair Corralation between Jinhui Liquor and Tianjin Ruixin
Assuming the 90 days trading horizon Jinhui Liquor Co is expected to generate 0.48 times more return on investment than Tianjin Ruixin. However, Jinhui Liquor Co is 2.1 times less risky than Tianjin Ruixin. It trades about 0.05 of its potential returns per unit of risk. Tianjin Ruixin Technology is currently generating about 0.0 per unit of risk. If you would invest 1,863 in Jinhui Liquor Co on November 4, 2024 and sell it today you would earn a total of 20.00 from holding Jinhui Liquor Co or generate 1.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Liquor Co vs. Tianjin Ruixin Technology
Performance |
| Timeline |
| Jinhui Liquor |
| Tianjin Ruixin Technology |
Jinhui Liquor and Tianjin Ruixin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Liquor and Tianjin Ruixin
The main advantage of trading using opposite Jinhui Liquor and Tianjin Ruixin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Liquor position performs unexpectedly, Tianjin Ruixin 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 Tianjin Ruixin will offset losses from the drop in Tianjin Ruixin's long position.| Jinhui Liquor vs. Beijing Kaiwen Education | Jinhui Liquor vs. Easyhome New Retail | Jinhui Liquor vs. Xiamen Goldenhome Co | Jinhui Liquor vs. Tangel Publishing |
| Tianjin Ruixin vs. Hunan Mendale Hometextile | Tianjin Ruixin vs. Queclink Wireless Solutions | Tianjin Ruixin vs. Nanjing OLO Home | Tianjin Ruixin vs. Jiangsu Yueda Investment |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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