Correlation Between China Securities and Jinyu Bio
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By analyzing existing cross correlation between China Securities 800 and Jinyu Bio Technology Co, you can compare the effects of market volatilities on China Securities and Jinyu Bio 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 China Securities with a short position of Jinyu Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Jinyu Bio.
Diversification Opportunities for China Securities and Jinyu Bio
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Jinyu is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Jinyu Bio Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinyu Bio Technology and China Securities 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 China Securities 800 are associated (or correlated) with Jinyu Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinyu Bio Technology has no effect on the direction of China Securities i.e., China Securities and Jinyu Bio go up and down completely randomly.
Pair Corralation between China Securities and Jinyu Bio
Assuming the 90 days trading horizon China Securities is expected to generate 5.97 times less return on investment than Jinyu Bio. But when comparing it to its historical volatility, China Securities 800 is 1.27 times less risky than Jinyu Bio. It trades about 0.01 of its potential returns per unit of risk. Jinyu Bio Technology Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 677.00 in Jinyu Bio Technology Co on September 1, 2024 and sell it today you would earn a total of 17.00 from holding Jinyu Bio Technology Co or generate 2.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
China Securities 800 vs. Jinyu Bio Technology Co
Performance |
| Timeline |
China Securities and Jinyu Bio Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Jinyu Bio Technology Co
Pair trading matchups for Jinyu Bio
Pair Trading with China Securities and Jinyu Bio
The main advantage of trading using opposite China Securities and Jinyu Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Jinyu Bio 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 Jinyu Bio will offset losses from the drop in Jinyu Bio's long position.| China Securities vs. Everjoy Health Group | China Securities vs. Fuzhou Rockchip Electronics | China Securities vs. Hangzhou Prevail Optoelectronic | China Securities vs. Aurora Optoelectronics Co |
| Jinyu Bio vs. Tongling Nonferrous Metals | Jinyu Bio vs. Shandong Hongchuang Aluminum | Jinyu Bio vs. Tianshan Aluminum Group | Jinyu Bio vs. Lander Sports Development |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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