Correlation Between Innovative Medical and Jiangxi Naipu
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By analyzing existing cross correlation between Innovative Medical Management and Jiangxi Naipu Mining, you can compare the effects of market volatilities on Innovative Medical and Jiangxi Naipu 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 Innovative Medical with a short position of Jiangxi Naipu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and Jiangxi Naipu.
Diversification Opportunities for Innovative Medical and Jiangxi Naipu
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Innovative and Jiangxi is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management and Jiangxi Naipu Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Naipu Mining and Innovative Medical 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 Innovative Medical Management are associated (or correlated) with Jiangxi Naipu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Naipu Mining has no effect on the direction of Innovative Medical i.e., Innovative Medical and Jiangxi Naipu go up and down completely randomly.
Pair Corralation between Innovative Medical and Jiangxi Naipu
Assuming the 90 days trading horizon Innovative Medical is expected to generate 4.34 times less return on investment than Jiangxi Naipu. In addition to that, Innovative Medical is 1.1 times more volatile than Jiangxi Naipu Mining. It trades about 0.01 of its total potential returns per unit of risk. Jiangxi Naipu Mining is currently generating about 0.04 per unit of volatility. If you would invest 2,322 in Jiangxi Naipu Mining on September 2, 2024 and sell it today you would earn a total of 550.00 from holding Jiangxi Naipu Mining or generate 23.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. Jiangxi Naipu Mining
Performance |
| Timeline |
| Innovative Medical |
| Jiangxi Naipu Mining |
Innovative Medical and Jiangxi Naipu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and Jiangxi Naipu
The main advantage of trading using opposite Innovative Medical and Jiangxi Naipu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical position performs unexpectedly, Jiangxi Naipu 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 Jiangxi Naipu will offset losses from the drop in Jiangxi Naipu's long position.| Innovative Medical vs. China Life Insurance | Innovative Medical vs. Cinda Securities Co | Innovative Medical vs. Piotech Inc A | Innovative Medical vs. Dongxing Sec Co |
| Jiangxi Naipu vs. Kweichow Moutai Co | Jiangxi Naipu vs. NAURA Technology Group | Jiangxi Naipu vs. Zhejiang Orient Gene | Jiangxi Naipu vs. APT Medical |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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