Correlation Between Orinko Advanced and Jiangsu Xinri
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By analyzing existing cross correlation between Orinko Advanced Plastics and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Orinko Advanced and Jiangsu Xinri 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 Orinko Advanced with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orinko Advanced and Jiangsu Xinri.
Diversification Opportunities for Orinko Advanced and Jiangsu Xinri
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Orinko and Jiangsu is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Orinko Advanced Plastics and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Orinko Advanced 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 Orinko Advanced Plastics are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Orinko Advanced i.e., Orinko Advanced and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Orinko Advanced and Jiangsu Xinri
Assuming the 90 days trading horizon Orinko Advanced Plastics is expected to generate 1.03 times more return on investment than Jiangsu Xinri. However, Orinko Advanced is 1.03 times more volatile than Jiangsu Xinri E Vehicle. It trades about 0.02 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.04 per unit of risk. If you would invest 934.00 in Orinko Advanced Plastics on October 16, 2024 and sell it today you would earn a total of 96.00 from holding Orinko Advanced Plastics or generate 10.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Orinko Advanced Plastics vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Orinko Advanced Plastics |
| Jiangsu Xinri E |
Orinko Advanced and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orinko Advanced and Jiangsu Xinri
The main advantage of trading using opposite Orinko Advanced and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orinko Advanced position performs unexpectedly, Jiangsu Xinri 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 Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Orinko Advanced vs. Wuhan Yangtze Communication | Orinko Advanced vs. Tianshui Huatian Technology | Orinko Advanced vs. Fiberhome Telecommunication Technologies | Orinko Advanced vs. Beijing Yanjing Brewery |
| Jiangsu Xinri vs. Kingclean Electric Co | Jiangsu Xinri vs. Orinko Advanced Plastics | Jiangsu Xinri vs. Western Metal Materials | Jiangsu Xinri vs. Keda Clean Energy |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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