Correlation Between Ningbo MedicalSystem and Jangho Group
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By analyzing existing cross correlation between Ningbo MedicalSystem Biotechnology and Jangho Group Co, you can compare the effects of market volatilities on Ningbo MedicalSystem 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 Ningbo MedicalSystem with a short position of Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo MedicalSystem and Jangho Group.
Diversification Opportunities for Ningbo MedicalSystem and Jangho Group
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ningbo and Jangho is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo MedicalSystem Biotechno and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group 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 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 Ningbo MedicalSystem i.e., Ningbo MedicalSystem and Jangho Group go up and down completely randomly.
Pair Corralation between Ningbo MedicalSystem and Jangho Group
Assuming the 90 days trading horizon Ningbo MedicalSystem Biotechnology is expected to generate 1.17 times more return on investment than Jangho Group. However, Ningbo MedicalSystem is 1.17 times more volatile than Jangho Group Co. It trades about 0.02 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 1,134 in Ningbo MedicalSystem Biotechnology on September 12, 2024 and sell it today you would earn a total of 29.00 from holding Ningbo MedicalSystem Biotechnology or generate 2.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.68% |
| Values | Daily Returns |
Ningbo MedicalSystem Biotechno vs. Jangho Group Co
Performance |
| Timeline |
| Ningbo MedicalSystem |
| Jangho Group |
Ningbo MedicalSystem and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo MedicalSystem and Jangho Group
The main advantage of trading using opposite Ningbo MedicalSystem and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo MedicalSystem 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.| Ningbo MedicalSystem vs. Cultural Investment Holdings | Ningbo MedicalSystem vs. Gome Telecom Equipment | Ningbo MedicalSystem vs. Holitech Technology Co | Ningbo MedicalSystem vs. Zotye Automobile Co |
| Jangho Group vs. Ningbo MedicalSystem Biotechnology | Jangho Group vs. Kontour Medical Technology | Jangho Group vs. Everdisplay Optronics Shanghai | Jangho Group vs. Double 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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