Correlation Between Yantai North and Jinling Hotel
Specify exactly 2 symbols:
By analyzing existing cross correlation between Yantai North Andre and Jinling Hotel Corp, you can compare the effects of market volatilities on Yantai North and Jinling Hotel 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 Yantai North with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yantai North and Jinling Hotel.
Diversification Opportunities for Yantai North and Jinling Hotel
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yantai and Jinling is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Yantai North Andre and Jinling Hotel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinling Hotel Corp and Yantai North 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 Yantai North Andre are associated (or correlated) with Jinling Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinling Hotel Corp has no effect on the direction of Yantai North i.e., Yantai North and Jinling Hotel go up and down completely randomly.
Pair Corralation between Yantai North and Jinling Hotel
Assuming the 90 days trading horizon Yantai North Andre is expected to generate 1.3 times more return on investment than Jinling Hotel. However, Yantai North is 1.3 times more volatile than Jinling Hotel Corp. It trades about 0.19 of its potential returns per unit of risk. Jinling Hotel Corp is currently generating about 0.12 per unit of risk. If you would invest 2,482 in Yantai North Andre on August 29, 2024 and sell it today you would earn a total of 287.00 from holding Yantai North Andre or generate 11.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yantai North Andre vs. Jinling Hotel Corp
Performance |
| Timeline |
| Yantai North Andre |
| Jinling Hotel Corp |
Yantai North and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yantai North and Jinling Hotel
The main advantage of trading using opposite Yantai North and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yantai North position performs unexpectedly, Jinling Hotel 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 Jinling Hotel will offset losses from the drop in Jinling Hotel's long position.| Yantai North vs. Industrial and Commercial | Yantai North vs. Kweichow Moutai Co | Yantai North vs. Agricultural Bank of | Yantai North vs. China Mobile Limited |
| Jinling Hotel vs. Biwin Storage Technology | Jinling Hotel vs. PetroChina Co Ltd | Jinling Hotel vs. Industrial and Commercial | Jinling Hotel vs. China Construction Bank |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |