Correlation Between Jilin OLED and Time Publishing
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By analyzing existing cross correlation between Jilin OLED Material and Time Publishing and, you can compare the effects of market volatilities on Jilin OLED and Time Publishing 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 Time Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin OLED and Time Publishing.
Diversification Opportunities for Jilin OLED and Time Publishing
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jilin and Time is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jilin OLED Material and Time Publishing and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Time Publishing 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 Time Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Time Publishing has no effect on the direction of Jilin OLED i.e., Jilin OLED and Time Publishing go up and down completely randomly.
Pair Corralation between Jilin OLED and Time Publishing
Assuming the 90 days trading horizon Jilin OLED Material is expected to generate 2.19 times more return on investment than Time Publishing. However, Jilin OLED is 2.19 times more volatile than Time Publishing and. It trades about -0.25 of its potential returns per unit of risk. Time Publishing and is currently generating about -0.61 per unit of risk. If you would invest 2,409 in Jilin OLED Material on October 14, 2024 and sell it today you would lose (389.00) from holding Jilin OLED Material or give up 16.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin OLED Material vs. Time Publishing and
Performance |
| Timeline |
| Jilin OLED Material |
| Time Publishing |
Jilin OLED and Time Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin OLED and Time Publishing
The main advantage of trading using opposite Jilin OLED and Time Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin OLED position performs unexpectedly, Time Publishing 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 Time Publishing will offset losses from the drop in Time Publishing's long position.| Jilin OLED vs. Postal Savings Bank | Jilin OLED vs. Dymatic Chemicals | Jilin OLED vs. Maoming Petro Chemical Shihua | Jilin OLED vs. Xiamen Bank Co |
| Time Publishing vs. Do Fluoride Chemicals Co | Time Publishing vs. Western Metal Materials | Time Publishing vs. Caihong Display Devices | Time Publishing vs. Jilin OLED Material |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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