Correlation Between Ningbo MedicalSystem and Jinsanjiang Silicon
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By analyzing existing cross correlation between Ningbo MedicalSystem Biotechnology and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Ningbo MedicalSystem and Jinsanjiang Silicon 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 Ningbo MedicalSystem with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo MedicalSystem and Jinsanjiang Silicon.
Diversification Opportunities for Ningbo MedicalSystem and Jinsanjiang Silicon
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Jinsanjiang is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo MedicalSystem Biotechno and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Ningbo MedicalSystem 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 Ningbo MedicalSystem Biotechnology are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Ningbo MedicalSystem i.e., Ningbo MedicalSystem and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Ningbo MedicalSystem and Jinsanjiang Silicon
Assuming the 90 days trading horizon Ningbo MedicalSystem Biotechnology is expected to generate 0.3 times more return on investment than Jinsanjiang Silicon. However, Ningbo MedicalSystem Biotechnology is 3.37 times less risky than Jinsanjiang Silicon. It trades about 0.03 of its potential returns per unit of risk. Jinsanjiang Silicon Material is currently generating about -0.18 per unit of risk. If you would invest 1,015 in Ningbo MedicalSystem Biotechnology on November 3, 2024 and sell it today you would earn a total of 6.00 from holding Ningbo MedicalSystem Biotechnology or generate 0.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo MedicalSystem Biotechno vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Ningbo MedicalSystem |
| Jinsanjiang Silicon |
Ningbo MedicalSystem and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo MedicalSystem and Jinsanjiang Silicon
The main advantage of trading using opposite Ningbo MedicalSystem and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo MedicalSystem position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Ningbo MedicalSystem vs. Kweichow Moutai Co | Ningbo MedicalSystem vs. G bits Network Technology | Ningbo MedicalSystem vs. Anhui Gujing Distillery | Ningbo MedicalSystem vs. Anhui Gujing Distillery |
| Jinsanjiang Silicon vs. MayAir Technology Co | Jinsanjiang Silicon vs. Shandong Longquan Pipeline | Jinsanjiang Silicon vs. Jiangsu Phoenix Publishing | Jinsanjiang Silicon vs. Hubei Xingfa Chemicals |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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