Correlation Between Changchun High and Jiangsu Bioperfectus
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By analyzing existing cross correlation between Changchun High New and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Changchun High and Jiangsu Bioperfectus 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 Changchun High with a short position of Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changchun High and Jiangsu Bioperfectus.
Diversification Opportunities for Changchun High and Jiangsu Bioperfectus
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Changchun and Jiangsu is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Changchun High New and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus and Changchun High 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 Changchun High New are associated (or correlated) with Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of Changchun High i.e., Changchun High and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Changchun High and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Changchun High is expected to generate 1.13 times less return on investment than Jiangsu Bioperfectus. In addition to that, Changchun High is 1.06 times more volatile than Jiangsu Bioperfectus Technologies. It trades about 0.14 of its total potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about 0.17 per unit of volatility. If you would invest 7,468 in Jiangsu Bioperfectus Technologies on August 24, 2024 and sell it today you would earn a total of 700.00 from holding Jiangsu Bioperfectus Technologies or generate 9.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changchun High New vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Changchun High New |
| Jiangsu Bioperfectus |
Changchun High and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changchun High and Jiangsu Bioperfectus
The main advantage of trading using opposite Changchun High and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changchun High position performs unexpectedly, Jiangsu Bioperfectus 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 Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| Changchun High vs. Industrial and Commercial | Changchun High vs. China Construction Bank | Changchun High vs. Bank of China | Changchun High vs. Agricultural Bank of |
| Jiangsu Bioperfectus vs. Industrial and Commercial | Jiangsu Bioperfectus vs. China Construction Bank | Jiangsu Bioperfectus vs. Bank of China | Jiangsu Bioperfectus vs. Agricultural Bank of |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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