Correlation Between Penn National and Jiangsu Apon
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By analyzing existing cross correlation between Penn National Gaming and Jiangsu Apon Medical, you can compare the effects of market volatilities on Penn National and Jiangsu Apon 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 Penn National with a short position of Jiangsu Apon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Penn National and Jiangsu Apon.
Diversification Opportunities for Penn National and Jiangsu Apon
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Penn and Jiangsu is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Penn National Gaming and Jiangsu Apon Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Apon Medical and Penn National 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 Penn National Gaming are associated (or correlated) with Jiangsu Apon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Apon Medical has no effect on the direction of Penn National i.e., Penn National and Jiangsu Apon go up and down completely randomly.
Pair Corralation between Penn National and Jiangsu Apon
Given the investment horizon of 90 days Penn National Gaming is expected to generate 0.62 times more return on investment than Jiangsu Apon. However, Penn National Gaming is 1.62 times less risky than Jiangsu Apon. It trades about 0.19 of its potential returns per unit of risk. Jiangsu Apon Medical is currently generating about 0.06 per unit of risk. If you would invest 1,813 in Penn National Gaming on October 23, 2024 and sell it today you would earn a total of 189.00 from holding Penn National Gaming or generate 10.42% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 85.71% |
Values | Daily Returns |
Penn National Gaming vs. Jiangsu Apon Medical
Performance |
Timeline |
Penn National Gaming |
Jiangsu Apon Medical |
Penn National and Jiangsu Apon Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Penn National and Jiangsu Apon
The main advantage of trading using opposite Penn National and Jiangsu Apon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Penn National position performs unexpectedly, Jiangsu Apon 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 Apon will offset losses from the drop in Jiangsu Apon's long position.Penn National vs. DraftKings | Penn National vs. MGM Resorts International | Penn National vs. Caesars Entertainment | Penn National vs. Boyd Gaming |
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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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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