Correlation Between JS Corrugating and Ningbo MedicalSystem
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By analyzing existing cross correlation between JS Corrugating Machinery and Ningbo MedicalSystem Biotechnology, you can compare the effects of market volatilities on JS Corrugating and Ningbo MedicalSystem 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 JS Corrugating with a short position of Ningbo MedicalSystem. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Corrugating and Ningbo MedicalSystem.
Diversification Opportunities for JS Corrugating and Ningbo MedicalSystem
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 000821 and Ningbo is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding JS Corrugating Machinery and Ningbo MedicalSystem Biotechno in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo MedicalSystem and JS Corrugating 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 JS Corrugating Machinery are associated (or correlated) with Ningbo MedicalSystem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo MedicalSystem has no effect on the direction of JS Corrugating i.e., JS Corrugating and Ningbo MedicalSystem go up and down completely randomly.
Pair Corralation between JS Corrugating and Ningbo MedicalSystem
Assuming the 90 days trading horizon JS Corrugating Machinery is expected to under-perform the Ningbo MedicalSystem. In addition to that, JS Corrugating is 1.29 times more volatile than Ningbo MedicalSystem Biotechnology. It trades about -0.14 of its total potential returns per unit of risk. Ningbo MedicalSystem Biotechnology is currently generating about -0.16 per unit of volatility. If you would invest 1,143 in Ningbo MedicalSystem Biotechnology on September 28, 2024 and sell it today you would lose (64.00) from holding Ningbo MedicalSystem Biotechnology or give up 5.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JS Corrugating Machinery vs. Ningbo MedicalSystem Biotechno
Performance |
| Timeline |
| JS Corrugating Machinery |
| Ningbo MedicalSystem |
JS Corrugating and Ningbo MedicalSystem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Corrugating and Ningbo MedicalSystem
The main advantage of trading using opposite JS Corrugating and Ningbo MedicalSystem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Corrugating position performs unexpectedly, Ningbo MedicalSystem 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 Ningbo MedicalSystem will offset losses from the drop in Ningbo MedicalSystem's long position.| JS Corrugating vs. Bank of China | JS Corrugating vs. Kweichow Moutai Co | JS Corrugating vs. PetroChina Co Ltd | JS Corrugating vs. Bank of Communications |
| Ningbo MedicalSystem vs. Industrial and Commercial | Ningbo MedicalSystem vs. Agricultural Bank of | Ningbo MedicalSystem vs. China Construction Bank | Ningbo MedicalSystem vs. Bank of China |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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