Correlation Between INTEL and Jiangsu Expressway
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By analyzing existing cross correlation between INTEL P 48 and Jiangsu Expressway, you can compare the effects of market volatilities on INTEL and Jiangsu Expressway 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 INTEL with a short position of Jiangsu Expressway. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTEL and Jiangsu Expressway.
Diversification Opportunities for INTEL and Jiangsu Expressway
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between INTEL and Jiangsu is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding INTEL P 48 and Jiangsu Expressway in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Expressway and INTEL 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 INTEL P 48 are associated (or correlated) with Jiangsu Expressway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Expressway has no effect on the direction of INTEL i.e., INTEL and Jiangsu Expressway go up and down completely randomly.
Pair Corralation between INTEL and Jiangsu Expressway
Assuming the 90 days trading horizon INTEL P 48 is expected to generate 0.86 times more return on investment than Jiangsu Expressway. However, INTEL P 48 is 1.16 times less risky than Jiangsu Expressway. It trades about 0.1 of its potential returns per unit of risk. Jiangsu Expressway is currently generating about -0.21 per unit of risk. If you would invest 8,693 in INTEL P 48 on August 30, 2024 and sell it today you would earn a total of 290.00 from holding INTEL P 48 or generate 3.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.82% |
| Values | Daily Returns |
INTEL P 48 vs. Jiangsu Expressway
Performance |
| Timeline |
| INTEL P 48 |
| Jiangsu Expressway |
INTEL and Jiangsu Expressway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTEL and Jiangsu Expressway
The main advantage of trading using opposite INTEL and Jiangsu Expressway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTEL position performs unexpectedly, Jiangsu Expressway 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 Expressway will offset losses from the drop in Jiangsu Expressway's long position.The idea behind INTEL P 48 and Jiangsu Expressway pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Jiangsu Expressway vs. Verra Mobility Corp | Jiangsu Expressway vs. HUMANA INC | Jiangsu Expressway vs. Aquagold International | Jiangsu Expressway vs. Barloworld Ltd ADR |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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