Correlation Between Jilin Chemical and Sailun Jinyu
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By analyzing existing cross correlation between Jilin Chemical Fibre and Sailun Jinyu Group, you can compare the effects of market volatilities on Jilin Chemical and Sailun Jinyu 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 Chemical with a short position of Sailun Jinyu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Chemical and Sailun Jinyu.
Diversification Opportunities for Jilin Chemical and Sailun Jinyu
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jilin and Sailun is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Chemical Fibre and Sailun Jinyu Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sailun Jinyu Group and Jilin Chemical 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 Chemical Fibre are associated (or correlated) with Sailun Jinyu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sailun Jinyu Group has no effect on the direction of Jilin Chemical i.e., Jilin Chemical and Sailun Jinyu go up and down completely randomly.
Pair Corralation between Jilin Chemical and Sailun Jinyu
Assuming the 90 days trading horizon Jilin Chemical Fibre is expected to generate 1.29 times more return on investment than Sailun Jinyu. However, Jilin Chemical is 1.29 times more volatile than Sailun Jinyu Group. It trades about 0.18 of its potential returns per unit of risk. Sailun Jinyu Group is currently generating about -0.06 per unit of risk. If you would invest 359.00 in Jilin Chemical Fibre on December 10, 2024 and sell it today you would earn a total of 28.00 from holding Jilin Chemical Fibre or generate 7.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Jilin Chemical Fibre vs. Sailun Jinyu Group
Performance |
Timeline |
Jilin Chemical Fibre |
Sailun Jinyu Group |
Jilin Chemical and Sailun Jinyu Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jilin Chemical and Sailun Jinyu
The main advantage of trading using opposite Jilin Chemical and Sailun Jinyu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Chemical position performs unexpectedly, Sailun Jinyu 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 Sailun Jinyu will offset losses from the drop in Sailun Jinyu's long position.Jilin Chemical vs. CSSC Offshore Marine | Jilin Chemical vs. Montage Technology Co | Jilin Chemical vs. Hubei Forbon Technology | Jilin Chemical vs. Jiugui Liquor Co |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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