Correlation Between Jinhe Biotechnology and Guangdong Marubi
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinhe Biotechnology Co and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Jinhe Biotechnology and Guangdong Marubi 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 Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhe Biotechnology and Guangdong Marubi.
Diversification Opportunities for Jinhe Biotechnology and Guangdong Marubi
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinhe and Guangdong is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jinhe Biotechnology Co and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio 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 Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Jinhe Biotechnology i.e., Jinhe Biotechnology and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Jinhe Biotechnology and Guangdong Marubi
Assuming the 90 days trading horizon Jinhe Biotechnology Co is expected to generate 0.93 times more return on investment than Guangdong Marubi. However, Jinhe Biotechnology Co is 1.08 times less risky than Guangdong Marubi. It trades about 0.04 of its potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about -0.21 per unit of risk. If you would invest 447.00 in Jinhe Biotechnology Co on August 29, 2024 and sell it today you would earn a total of 5.00 from holding Jinhe Biotechnology Co or generate 1.12% 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. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Jinhe Biotechnology |
| Guangdong Marubi Bio |
Jinhe Biotechnology and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhe Biotechnology and Guangdong Marubi
The main advantage of trading using opposite Jinhe Biotechnology and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhe Biotechnology position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| Jinhe Biotechnology vs. JCHX Mining Management | Jinhe Biotechnology vs. Xinjiang Baodi Mining | Jinhe Biotechnology vs. Gansu Huangtai Wine marketing | Jinhe Biotechnology vs. Harbin Air Conditioning |
| Guangdong Marubi vs. Longjian Road Bridge | Guangdong Marubi vs. Dazhong Transportation Group | Guangdong Marubi vs. Heilongjiang Publishing Media | Guangdong Marubi vs. Guizhou BroadcastingTV Info |
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.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |