Correlation Between Double Medical and Jangho Group
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By analyzing existing cross correlation between Double Medical Technology and Jangho Group Co, you can compare the effects of market volatilities on Double Medical and Jangho Group 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 Double Medical with a short position of Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Double Medical and Jangho Group.
Diversification Opportunities for Double Medical and Jangho Group
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Double and Jangho is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Double Medical Technology and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group and Double 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 Double Medical Technology are associated (or correlated) with Jangho Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jangho Group has no effect on the direction of Double Medical i.e., Double Medical and Jangho Group go up and down completely randomly.
Pair Corralation between Double Medical and Jangho Group
Assuming the 90 days trading horizon Double Medical Technology is expected to generate 1.23 times more return on investment than Jangho Group. However, Double Medical is 1.23 times more volatile than Jangho Group Co. It trades about 0.03 of its potential returns per unit of risk. Jangho Group Co is currently generating about -0.04 per unit of risk. If you would invest 2,923 in Double Medical Technology on September 12, 2024 and sell it today you would earn a total of 331.00 from holding Double Medical Technology or generate 11.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.68% |
| Values | Daily Returns |
Double Medical Technology vs. Jangho Group Co
Performance |
| Timeline |
| Double Medical Technology |
| Jangho Group |
Double Medical and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Double Medical and Jangho Group
The main advantage of trading using opposite Double Medical and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Double Medical position performs unexpectedly, Jangho Group 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 Jangho Group will offset losses from the drop in Jangho Group's long position.| Double Medical vs. Cultural Investment Holdings | Double Medical vs. Gome Telecom Equipment | Double Medical vs. Holitech Technology Co | Double Medical vs. Zotye Automobile Co |
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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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