Correlation Between Jilin OLED and Elite Color
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By analyzing existing cross correlation between Jilin OLED Material and Elite Color Environmental, you can compare the effects of market volatilities on Jilin OLED and Elite Color 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 Jilin OLED with a short position of Elite Color. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin OLED and Elite Color.
Diversification Opportunities for Jilin OLED and Elite Color
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jilin and Elite is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Jilin OLED Material and Elite Color Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elite Color Environmental and Jilin OLED 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 Jilin OLED Material are associated (or correlated) with Elite Color. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elite Color Environmental has no effect on the direction of Jilin OLED i.e., Jilin OLED and Elite Color go up and down completely randomly.
Pair Corralation between Jilin OLED and Elite Color
Assuming the 90 days trading horizon Jilin OLED Material is expected to under-perform the Elite Color. In addition to that, Jilin OLED is 1.58 times more volatile than Elite Color Environmental. It trades about -0.02 of its total potential returns per unit of risk. Elite Color Environmental is currently generating about 0.01 per unit of volatility. If you would invest 633.00 in Elite Color Environmental on October 12, 2024 and sell it today you would lose (36.00) from holding Elite Color Environmental or give up 5.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.74% |
| Values | Daily Returns |
Jilin OLED Material vs. Elite Color Environmental
Performance |
| Timeline |
| Jilin OLED Material |
| Elite Color Environmental |
Jilin OLED and Elite Color Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin OLED and Elite Color
The main advantage of trading using opposite Jilin OLED and Elite Color positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin OLED position performs unexpectedly, Elite Color 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 Elite Color will offset losses from the drop in Elite Color's long position.| Jilin OLED vs. Elite Color Environmental | Jilin OLED vs. Zhongshan Broad Ocean Motor | Jilin OLED vs. Xinjiang Beixin RoadBridge | Jilin OLED vs. Lingyuan Iron Steel |
| Elite Color vs. Jiangyin Jianghua Microelectronics | Elite Color vs. Semiconductor Manufacturing Electronics | Elite Color vs. TongFu Microelectronics Co | Elite Color vs. Leyard Optoelectronic |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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