Correlation Between Jinhe Biotechnology and Markor International
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By analyzing existing cross correlation between Jinhe Biotechnology Co and Markor International Home, you can compare the effects of market volatilities on Jinhe Biotechnology and Markor International 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 Jinhe Biotechnology with a short position of Markor International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhe Biotechnology and Markor International.
Diversification Opportunities for Jinhe Biotechnology and Markor International
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinhe and Markor is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jinhe Biotechnology Co and Markor International Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Markor International Home and Jinhe Biotechnology 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 Jinhe Biotechnology Co are associated (or correlated) with Markor International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Markor International Home has no effect on the direction of Jinhe Biotechnology i.e., Jinhe Biotechnology and Markor International go up and down completely randomly.
Pair Corralation between Jinhe Biotechnology and Markor International
Assuming the 90 days trading horizon Jinhe Biotechnology Co is expected to generate 0.64 times more return on investment than Markor International. However, Jinhe Biotechnology Co is 1.56 times less risky than Markor International. It trades about 0.19 of its potential returns per unit of risk. Markor International Home is currently generating about 0.1 per unit of risk. If you would invest 428.00 in Jinhe Biotechnology Co on September 2, 2024 and sell it today you would earn a total of 31.00 from holding Jinhe Biotechnology Co or generate 7.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhe Biotechnology Co vs. Markor International Home
Performance |
| Timeline |
| Jinhe Biotechnology |
| Markor International Home |
Jinhe Biotechnology and Markor International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhe Biotechnology and Markor International
The main advantage of trading using opposite Jinhe Biotechnology and Markor International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhe Biotechnology position performs unexpectedly, Markor International 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 Markor International will offset losses from the drop in Markor International's long position.| Jinhe Biotechnology vs. China Petroleum Chemical | Jinhe Biotechnology vs. PetroChina Co Ltd | Jinhe Biotechnology vs. China State Construction | Jinhe Biotechnology vs. China Railway Group |
| Markor International vs. Humanwell Healthcare Group | Markor International vs. Jinhe Biotechnology Co | Markor International vs. Keda Clean Energy | Markor International vs. Impulse Qingdao Health |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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