Correlation Between Cansino Biologics and Jinling Hotel
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By analyzing existing cross correlation between Cansino Biologics and Jinling Hotel Corp, you can compare the effects of market volatilities on Cansino Biologics 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 Cansino Biologics with a short position of Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cansino Biologics and Jinling Hotel.
Diversification Opportunities for Cansino Biologics and Jinling Hotel
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cansino and Jinling is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Cansino Biologics 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 Cansino Biologics 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 Cansino Biologics 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 Cansino Biologics i.e., Cansino Biologics and Jinling Hotel go up and down completely randomly.
Pair Corralation between Cansino Biologics and Jinling Hotel
Assuming the 90 days trading horizon Cansino Biologics is expected to under-perform the Jinling Hotel. In addition to that, Cansino Biologics is 1.25 times more volatile than Jinling Hotel Corp. It trades about -0.07 of its total potential returns per unit of risk. Jinling Hotel Corp is currently generating about 0.03 per unit of volatility. If you would invest 662.00 in Jinling Hotel Corp on November 4, 2024 and sell it today you would earn a total of 4.00 from holding Jinling Hotel Corp or generate 0.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cansino Biologics vs. Jinling Hotel Corp
Performance |
| Timeline |
| Cansino Biologics |
| Jinling Hotel Corp |
Cansino Biologics and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cansino Biologics and Jinling Hotel
The main advantage of trading using opposite Cansino Biologics and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cansino Biologics 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.| Cansino Biologics vs. Tieling Newcity Investment | Cansino Biologics vs. Impulse Qingdao Health | Cansino Biologics vs. Dezhan HealthCare Co | Cansino Biologics vs. Nuode Investment Co |
| Jinling Hotel vs. Hua Xia Bank | Jinling Hotel vs. HeNan Splendor Science | Jinling Hotel vs. Tibet Huayu Mining | Jinling Hotel vs. Offshore Oil Engineering |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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