Correlation Between Jiangxi JDL and Beijing Roborock
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By analyzing existing cross correlation between Jiangxi JDL Environmental and Beijing Roborock Technology, you can compare the effects of market volatilities on Jiangxi JDL 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 Jiangxi JDL with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi JDL and Beijing Roborock.
Diversification Opportunities for Jiangxi JDL and Beijing Roborock
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangxi and Beijing is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi JDL Environmental 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 Jiangxi JDL 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 Jiangxi JDL Environmental 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 Jiangxi JDL i.e., Jiangxi JDL and Beijing Roborock go up and down completely randomly.
Pair Corralation between Jiangxi JDL and Beijing Roborock
Assuming the 90 days trading horizon Jiangxi JDL Environmental is expected to under-perform the Beijing Roborock. But the stock apears to be less risky and, when comparing its historical volatility, Jiangxi JDL Environmental is 1.09 times less risky than Beijing Roborock. The stock trades about -0.08 of its potential returns per unit of risk. The Beijing Roborock Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 20,884 in Beijing Roborock Technology on September 28, 2024 and sell it today you would earn a total of 116.00 from holding Beijing Roborock Technology or generate 0.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi JDL Environmental vs. Beijing Roborock Technology
Performance |
| Timeline |
| Jiangxi JDL Environmental |
| Beijing Roborock Tec |
Jiangxi JDL and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi JDL and Beijing Roborock
The main advantage of trading using opposite Jiangxi JDL and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi JDL 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.| Jiangxi JDL vs. Ming Yang Smart | Jiangxi JDL vs. 159681 | Jiangxi JDL vs. 159005 | Jiangxi JDL vs. Loctek Ergonomic Technology |
| Beijing Roborock vs. Qijing Machinery | Beijing Roborock vs. Ningbo Construction Co | Beijing Roborock vs. Allied Machinery Co | Beijing Roborock vs. Shanghai Construction Group |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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