Correlation Between Jinhui Liquor and Goodwill E
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By analyzing existing cross correlation between Jinhui Liquor Co and Goodwill E Health, you can compare the effects of market volatilities on Jinhui Liquor and Goodwill E 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 Goodwill E. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Liquor and Goodwill E.
Diversification Opportunities for Jinhui Liquor and Goodwill E
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jinhui and Goodwill is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Liquor Co and Goodwill E Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodwill E 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 Goodwill E. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodwill E Health has no effect on the direction of Jinhui Liquor i.e., Jinhui Liquor and Goodwill E go up and down completely randomly.
Pair Corralation between Jinhui Liquor and Goodwill E
Assuming the 90 days trading horizon Jinhui Liquor Co is expected to under-perform the Goodwill E. But the stock apears to be less risky and, when comparing its historical volatility, Jinhui Liquor Co is 2.68 times less risky than Goodwill E. The stock trades about -0.13 of its potential returns per unit of risk. The Goodwill E Health is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 2,480 in Goodwill E Health on November 1, 2024 and sell it today you would lose (87.00) from holding Goodwill E Health or give up 3.51% 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. Goodwill E Health
Performance |
| Timeline |
| Jinhui Liquor |
| Goodwill E Health |
Jinhui Liquor and Goodwill E Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Liquor and Goodwill E
The main advantage of trading using opposite Jinhui Liquor and Goodwill E positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Liquor position performs unexpectedly, Goodwill E 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 Goodwill E will offset losses from the drop in Goodwill E's long position.| Jinhui Liquor vs. Dazhong Transportation Group | Jinhui Liquor vs. Beijing Seeyon Internet | Jinhui Liquor vs. Xizi Clean Energy | Jinhui Liquor vs. Shenzhen Urban Transport |
| Goodwill E vs. Ligao Foods CoLtd | Goodwill E vs. Jinhui Liquor Co | Goodwill E vs. Jiugui Liquor Co | Goodwill E vs. Anji Foodstuff Co |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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