Correlation Between Jafron Biomedical and Winner Medical Co
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By analyzing existing cross correlation between Jafron Biomedical Co and Winner Medical Co, you can compare the effects of market volatilities on Jafron Biomedical and Winner Medical Co 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 Jafron Biomedical with a short position of Winner Medical Co. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jafron Biomedical and Winner Medical Co.
Diversification Opportunities for Jafron Biomedical and Winner Medical Co
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jafron and Winner is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Jafron Biomedical Co and Winner Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Winner Medical Co and Jafron Biomedical 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 Jafron Biomedical Co are associated (or correlated) with Winner Medical Co. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Winner Medical Co has no effect on the direction of Jafron Biomedical i.e., Jafron Biomedical and Winner Medical Co go up and down completely randomly.
Pair Corralation between Jafron Biomedical and Winner Medical Co
Assuming the 90 days trading horizon Jafron Biomedical Co is expected to under-perform the Winner Medical Co. But the stock apears to be less risky and, when comparing its historical volatility, Jafron Biomedical Co is 1.41 times less risky than Winner Medical Co. The stock trades about -0.14 of its potential returns per unit of risk. The Winner Medical Co is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 3,846 in Winner Medical Co on December 11, 2024 and sell it today you would earn a total of 325.00 from holding Winner Medical Co or generate 8.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jafron Biomedical Co vs. Winner Medical Co
Performance |
| Timeline |
| Jafron Biomedical |
| Winner Medical Co |
Jafron Biomedical and Winner Medical Co Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jafron Biomedical and Winner Medical Co
The main advantage of trading using opposite Jafron Biomedical and Winner Medical Co positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jafron Biomedical position performs unexpectedly, Winner Medical Co 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 Winner Medical Co will offset losses from the drop in Winner Medical Co's long position.| Jafron Biomedical vs. Nancal Energy Saving Tech | Jafron Biomedical vs. GRG Banking Equipment | Jafron Biomedical vs. Lecron Energy Saving | Jafron Biomedical vs. Postal Savings Bank |
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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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