Correlation Between Jiangsu Xinning and Everjoy Health
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By analyzing existing cross correlation between Jiangsu Xinning Modern and Everjoy Health Group, you can compare the effects of market volatilities on Jiangsu Xinning and Everjoy Health 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 Jiangsu Xinning with a short position of Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinning and Everjoy Health.
Diversification Opportunities for Jiangsu Xinning and Everjoy Health
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Everjoy is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinning Modern and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group and Jiangsu Xinning 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 Jiangsu Xinning Modern are associated (or correlated) with Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Jiangsu Xinning i.e., Jiangsu Xinning and Everjoy Health go up and down completely randomly.
Pair Corralation between Jiangsu Xinning and Everjoy Health
Assuming the 90 days trading horizon Jiangsu Xinning Modern is expected to generate 1.31 times more return on investment than Everjoy Health. However, Jiangsu Xinning is 1.31 times more volatile than Everjoy Health Group. It trades about 0.25 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.15 per unit of risk. If you would invest 215.00 in Jiangsu Xinning Modern on August 28, 2024 and sell it today you would earn a total of 183.00 from holding Jiangsu Xinning Modern or generate 85.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinning Modern vs. Everjoy Health Group
Performance |
| Timeline |
| Jiangsu Xinning Modern |
| Everjoy Health Group |
Jiangsu Xinning and Everjoy Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinning and Everjoy Health
The main advantage of trading using opposite Jiangsu Xinning and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinning position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.| Jiangsu Xinning vs. China Life Insurance | Jiangsu Xinning vs. Piotech Inc A | Jiangsu Xinning vs. Dongxing Sec Co | Jiangsu Xinning vs. Shanghai OPM Biosciences |
| Everjoy Health vs. Agricultural Bank of | Everjoy Health vs. Industrial and Commercial | Everjoy Health vs. Bank of China | Everjoy Health vs. China Construction Bank |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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