Correlation Between Jilin OLED and Mengtian Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jilin OLED Material and Mengtian Home Group, you can compare the effects of market volatilities on Jilin OLED and Mengtian Home 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 Mengtian Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin OLED and Mengtian Home.
Diversification Opportunities for Jilin OLED and Mengtian Home
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jilin and Mengtian is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Jilin OLED Material and Mengtian Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mengtian Home Group 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 Mengtian Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mengtian Home Group has no effect on the direction of Jilin OLED i.e., Jilin OLED and Mengtian Home go up and down completely randomly.
Pair Corralation between Jilin OLED and Mengtian Home
Assuming the 90 days trading horizon Jilin OLED Material is expected to generate 1.42 times more return on investment than Mengtian Home. However, Jilin OLED is 1.42 times more volatile than Mengtian Home Group. It trades about 0.0 of its potential returns per unit of risk. Mengtian Home Group is currently generating about -0.01 per unit of risk. If you would invest 2,728 in Jilin OLED Material on October 11, 2024 and sell it today you would lose (743.00) from holding Jilin OLED Material or give up 27.24% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Jilin OLED Material vs. Mengtian Home Group
Performance |
Timeline |
Jilin OLED Material |
Mengtian Home Group |
Jilin OLED and Mengtian Home Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jilin OLED and Mengtian Home
The main advantage of trading using opposite Jilin OLED and Mengtian Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin OLED position performs unexpectedly, Mengtian Home 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 Mengtian Home will offset losses from the drop in Mengtian Home's long position.Jilin OLED vs. TianJin 712 Communication | Jilin OLED vs. SUNSEA Telecommunications Co | Jilin OLED vs. Runjian Communication Co | Jilin OLED vs. Guangdong Shenglu Telecommunication |
Mengtian Home vs. Guangzhou Tinci Materials | Mengtian Home vs. Jilin OLED Material | Mengtian Home vs. Ningxia Building Materials | Mengtian Home vs. Western Metal Materials |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
CEOs Directory Screen CEOs from public companies around the world | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |