Correlation Between Salesforce and Jinlong Machinery
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By analyzing existing cross correlation between Salesforce and Jinlong Machinery Electronic, you can compare the effects of market volatilities on Salesforce and Jinlong Machinery 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 Salesforce with a short position of Jinlong Machinery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and Jinlong Machinery.
Diversification Opportunities for Salesforce and Jinlong Machinery
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Salesforce and Jinlong is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce and Jinlong Machinery Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinlong Machinery and Salesforce 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 Salesforce are associated (or correlated) with Jinlong Machinery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinlong Machinery has no effect on the direction of Salesforce i.e., Salesforce and Jinlong Machinery go up and down completely randomly.
Pair Corralation between Salesforce and Jinlong Machinery
Considering the 90-day investment horizon Salesforce is expected to generate 0.71 times more return on investment than Jinlong Machinery. However, Salesforce is 1.41 times less risky than Jinlong Machinery. It trades about 0.0 of its potential returns per unit of risk. Jinlong Machinery Electronic is currently generating about -0.11 per unit of risk. If you would invest 33,872 in Salesforce on October 26, 2024 and sell it today you would lose (406.00) from holding Salesforce or give up 1.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.7% |
| Values | Daily Returns |
Salesforce vs. Jinlong Machinery Electronic
Performance |
| Timeline |
| Salesforce |
| Jinlong Machinery |
Salesforce and Jinlong Machinery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and Jinlong Machinery
The main advantage of trading using opposite Salesforce and Jinlong Machinery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce position performs unexpectedly, Jinlong Machinery 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 Jinlong Machinery will offset losses from the drop in Jinlong Machinery's long position.| Salesforce vs. Zoom Video Communications | Salesforce vs. C3 Ai Inc | Salesforce vs. Shopify | Salesforce vs. Workday |
| Jinlong Machinery vs. China State Construction | Jinlong Machinery vs. Poly Real Estate | Jinlong Machinery vs. China Vanke Co | Jinlong Machinery vs. China Merchants Shekou |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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