Correlation Between Jinhui Liquor and Beijing Roborock
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By analyzing existing cross correlation between Jinhui Liquor Co and Beijing Roborock Technology, you can compare the effects of market volatilities on Jinhui Liquor and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Liquor and Beijing Roborock.
Diversification Opportunities for Jinhui Liquor and Beijing Roborock
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jinhui and Beijing is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Liquor Co and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Jinhui Liquor i.e., Jinhui Liquor and Beijing Roborock go up and down completely randomly.
Pair Corralation between Jinhui Liquor and Beijing Roborock
Assuming the 90 days trading horizon Jinhui Liquor Co is expected to generate 0.58 times more return on investment than Beijing Roborock. However, Jinhui Liquor Co is 1.71 times less risky than Beijing Roborock. It trades about 0.02 of its potential returns per unit of risk. Beijing Roborock Technology is currently generating about -0.1 per unit of risk. If you would invest 2,037 in Jinhui Liquor Co on August 30, 2024 and sell it today you would earn a total of 40.00 from holding Jinhui Liquor Co or generate 1.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Liquor Co vs. Beijing Roborock Technology
Performance |
| Timeline |
| Jinhui Liquor |
| Beijing Roborock Tec |
Jinhui Liquor and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Liquor and Beijing Roborock
The main advantage of trading using opposite Jinhui Liquor and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Liquor position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Jinhui Liquor vs. Agricultural Bank of | Jinhui Liquor vs. Industrial and Commercial | Jinhui Liquor vs. Bank of China | Jinhui Liquor vs. China Construction Bank |
| Beijing Roborock vs. Jinhui Liquor Co | Beijing Roborock vs. Guangdong Qunxing Toys | Beijing Roborock vs. Guangzhou Automobile Group | Beijing Roborock vs. Jiangyin Jianghua Microelectronics |
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 CEOs Directory module to screen CEOs from public companies around the world.
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