Correlation Between Jinlong Machinery and Allgens Medical
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By analyzing existing cross correlation between Jinlong Machinery Electronic and Allgens Medical Technology, you can compare the effects of market volatilities on Jinlong Machinery and Allgens Medical 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 Jinlong Machinery with a short position of Allgens Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinlong Machinery and Allgens Medical.
Diversification Opportunities for Jinlong Machinery and Allgens Medical
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jinlong and Allgens is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Jinlong Machinery Electronic and Allgens Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allgens Medical Tech and Jinlong Machinery 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 Jinlong Machinery Electronic are associated (or correlated) with Allgens Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allgens Medical Tech has no effect on the direction of Jinlong Machinery i.e., Jinlong Machinery and Allgens Medical go up and down completely randomly.
Pair Corralation between Jinlong Machinery and Allgens Medical
Assuming the 90 days trading horizon Jinlong Machinery Electronic is expected to generate 1.32 times more return on investment than Allgens Medical. However, Jinlong Machinery is 1.32 times more volatile than Allgens Medical Technology. It trades about 0.01 of its potential returns per unit of risk. Allgens Medical Technology is currently generating about -0.02 per unit of risk. If you would invest 545.00 in Jinlong Machinery Electronic on October 27, 2024 and sell it today you would lose (106.00) from holding Jinlong Machinery Electronic or give up 19.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinlong Machinery Electronic vs. Allgens Medical Technology
Performance |
| Timeline |
| Jinlong Machinery |
| Allgens Medical Tech |
Jinlong Machinery and Allgens Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinlong Machinery and Allgens Medical
The main advantage of trading using opposite Jinlong Machinery and Allgens Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinlong Machinery position performs unexpectedly, Allgens Medical 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 Allgens Medical will offset losses from the drop in Allgens Medical's long position.| Jinlong Machinery vs. China State Construction | Jinlong Machinery vs. Poly Real Estate | Jinlong Machinery vs. China Vanke Co | Jinlong Machinery vs. China Merchants Shekou |
| Allgens Medical vs. APT Medical | Allgens Medical vs. Innovative Medical Management | Allgens Medical vs. Gansu Huangtai Wine marketing | Allgens Medical vs. Tinavi Medical Technologies |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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