Correlation Between Eastroc Beverage and Jiangsu Jinling
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By analyzing existing cross correlation between Eastroc Beverage Group and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Eastroc Beverage and Jiangsu Jinling 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 Eastroc Beverage with a short position of Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Jiangsu Jinling.
Diversification Opportunities for Eastroc Beverage and Jiangsu Jinling
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Eastroc and Jiangsu is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Jiangsu Jinling
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 0.65 times more return on investment than Jiangsu Jinling. However, Eastroc Beverage Group is 1.53 times less risky than Jiangsu Jinling. It trades about 0.06 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about -0.02 per unit of risk. If you would invest 13,577 in Eastroc Beverage Group on September 4, 2024 and sell it today you would earn a total of 8,263 from holding Eastroc Beverage Group or generate 60.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Eastroc Beverage |
| Jiangsu Jinling Sports |
Eastroc Beverage and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Jiangsu Jinling
The main advantage of trading using opposite Eastroc Beverage and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Jiangsu Jinling 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 Jiangsu Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Eastroc Beverage vs. Shaanxi Energy Investment | Eastroc Beverage vs. China Express Airlines | Eastroc Beverage vs. Wuhan Hvsen Biotechnology | Eastroc Beverage vs. Ningbo MedicalSystem Biotechnology |
| Jiangsu Jinling vs. BeiGene | Jiangsu Jinling vs. Kweichow Moutai Co | Jiangsu Jinling vs. Beijing Roborock Technology | Jiangsu Jinling vs. G bits Network Technology |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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