Correlation Between Jafron Biomedical and Cofoe Medical
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By analyzing existing cross correlation between Jafron Biomedical Co and Cofoe Medical Technology, you can compare the effects of market volatilities on Jafron Biomedical and Cofoe 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 Jafron Biomedical with a short position of Cofoe Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jafron Biomedical and Cofoe Medical.
Diversification Opportunities for Jafron Biomedical and Cofoe Medical
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jafron and Cofoe is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Jafron Biomedical Co and Cofoe Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cofoe Medical Technology 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 Cofoe Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cofoe Medical Technology has no effect on the direction of Jafron Biomedical i.e., Jafron Biomedical and Cofoe Medical go up and down completely randomly.
Pair Corralation between Jafron Biomedical and Cofoe Medical
Assuming the 90 days trading horizon Jafron Biomedical Co is expected to under-perform the Cofoe Medical. In addition to that, Jafron Biomedical is 1.25 times more volatile than Cofoe Medical Technology. It trades about -0.03 of its total potential returns per unit of risk. Cofoe Medical Technology is currently generating about 0.0 per unit of volatility. If you would invest 3,787 in Cofoe Medical Technology on September 1, 2024 and sell it today you would lose (9.00) from holding Cofoe Medical Technology or give up 0.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jafron Biomedical Co vs. Cofoe Medical Technology
Performance |
| Timeline |
| Jafron Biomedical |
| Cofoe Medical Technology |
Jafron Biomedical and Cofoe Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jafron Biomedical and Cofoe Medical
The main advantage of trading using opposite Jafron Biomedical and Cofoe Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jafron Biomedical position performs unexpectedly, Cofoe 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 Cofoe Medical will offset losses from the drop in Cofoe Medical's long position.| Jafron Biomedical vs. Nanjing Putian Telecommunications | Jafron Biomedical vs. Shenzhen Hifuture Electric | Jafron Biomedical vs. Tianjin Realty Development | Jafron Biomedical vs. Shenyang Huitian Thermal |
| Cofoe Medical vs. Nanjing Putian Telecommunications | Cofoe Medical vs. Shenzhen Hifuture Electric | Cofoe Medical vs. Tianjin Realty Development | Cofoe Medical vs. Shenyang Huitian Thermal |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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