Correlation Between Allmed Medical and Jiangxi Naipu
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By analyzing existing cross correlation between Allmed Medical Products and Jiangxi Naipu Mining, you can compare the effects of market volatilities on Allmed 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 Allmed Medical with a short position of Jiangxi Naipu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and Jiangxi Naipu.
Diversification Opportunities for Allmed Medical and Jiangxi Naipu
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Allmed and Jiangxi is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products 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 Allmed 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 Allmed Medical Products 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 Allmed Medical i.e., Allmed Medical and Jiangxi Naipu go up and down completely randomly.
Pair Corralation between Allmed Medical and Jiangxi Naipu
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 1.23 times more return on investment than Jiangxi Naipu. However, Allmed Medical is 1.23 times more volatile than Jiangxi Naipu Mining. It trades about 0.18 of its potential returns per unit of risk. Jiangxi Naipu Mining is currently generating about -0.2 per unit of risk. If you would invest 873.00 in Allmed Medical Products on October 18, 2024 and sell it today you would earn a total of 77.00 from holding Allmed Medical Products or generate 8.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. Jiangxi Naipu Mining
Performance |
| Timeline |
| Allmed Medical Products |
| Jiangxi Naipu Mining |
Allmed Medical and Jiangxi Naipu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and Jiangxi Naipu
The main advantage of trading using opposite Allmed Medical and Jiangxi Naipu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed 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.| Allmed Medical vs. Hainan Mining Co | Allmed Medical vs. CITIC Metal Co | Allmed Medical vs. Zhejiang Yongjin Metal | Allmed Medical vs. Uroica Mining Safety |
| Jiangxi Naipu vs. Kontour Medical Technology | Jiangxi Naipu vs. Nuode Investment Co | Jiangxi Naipu vs. Eastroc Beverage Group | Jiangxi Naipu vs. Allgens Medical Technology |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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