Correlation Between Maccura Biotechnology and Jinhe Biotechnology
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By analyzing existing cross correlation between Maccura Biotechnology Co and Jinhe Biotechnology Co, you can compare the effects of market volatilities on Maccura Biotechnology and Jinhe Biotechnology 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 Maccura Biotechnology with a short position of Jinhe Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Jinhe Biotechnology.
Diversification Opportunities for Maccura Biotechnology and Jinhe Biotechnology
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Maccura and Jinhe is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co and Jinhe Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhe Biotechnology and Maccura Biotechnology 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 Maccura Biotechnology Co are associated (or correlated) with Jinhe Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhe Biotechnology has no effect on the direction of Maccura Biotechnology i.e., Maccura Biotechnology and Jinhe Biotechnology go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Jinhe Biotechnology
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to under-perform the Jinhe Biotechnology. In addition to that, Maccura Biotechnology is 1.1 times more volatile than Jinhe Biotechnology Co. It trades about -0.07 of its total potential returns per unit of risk. Jinhe Biotechnology Co is currently generating about 0.04 per unit of volatility. If you would invest 447.00 in Jinhe Biotechnology Co on August 29, 2024 and sell it today you would earn a total of 5.00 from holding Jinhe Biotechnology Co or generate 1.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Jinhe Biotechnology Co
Performance |
| Timeline |
| Maccura Biotechnology |
| Jinhe Biotechnology |
Maccura Biotechnology and Jinhe Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Jinhe Biotechnology
The main advantage of trading using opposite Maccura Biotechnology and Jinhe Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology position performs unexpectedly, Jinhe Biotechnology 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 Jinhe Biotechnology will offset losses from the drop in Jinhe Biotechnology's long position.| Maccura Biotechnology vs. Gan Yuan Foods | Maccura Biotechnology vs. Vontron Technology Co | Maccura Biotechnology vs. Zhongyin Babi Food | Maccura Biotechnology vs. Namchow Food Group |
| Jinhe Biotechnology vs. JCHX Mining Management | Jinhe Biotechnology vs. Xinjiang Baodi Mining | Jinhe Biotechnology vs. Gansu Huangtai Wine marketing | Jinhe Biotechnology vs. Harbin Air Conditioning |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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