Correlation Between Jiangsu Jinling and Eyebright Medical
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Eyebright Medical Technology, you can compare the effects of market volatilities on Jiangsu Jinling and Eyebright 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 Jiangsu Jinling with a short position of Eyebright Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Eyebright Medical.
Diversification Opportunities for Jiangsu Jinling and Eyebright Medical
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Eyebright is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Eyebright Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eyebright Medical and Jiangsu Jinling 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 Jiangsu Jinling Sports are associated (or correlated) with Eyebright Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eyebright Medical has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Eyebright Medical go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Eyebright Medical
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 0.92 times more return on investment than Eyebright Medical. However, Jiangsu Jinling Sports is 1.09 times less risky than Eyebright Medical. It trades about -0.02 of its potential returns per unit of risk. Eyebright Medical Technology is currently generating about -0.03 per unit of risk. If you would invest 2,286 in Jiangsu Jinling Sports on October 27, 2024 and sell it today you would lose (996.00) from holding Jiangsu Jinling Sports or give up 43.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Eyebright Medical Technology
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Eyebright Medical |
Jiangsu Jinling and Eyebright Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Eyebright Medical
The main advantage of trading using opposite Jiangsu Jinling and Eyebright Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Eyebright 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 Eyebright Medical will offset losses from the drop in Eyebright Medical's long position.| Jiangsu Jinling vs. Iat Automobile Technology | Jiangsu Jinling vs. Bonree Data Technology | Jiangsu Jinling vs. Emdoor Information Co | Jiangsu Jinling vs. East Money Information |
| Eyebright Medical vs. Agricultural Bank of | Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. Bank of China | Eyebright Medical vs. China Construction Bank |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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