Correlation Between Jiangsu Jinling and Tinavi Medical
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Tinavi Medical Technologies, you can compare the effects of market volatilities on Jiangsu Jinling and Tinavi 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 Tinavi Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Tinavi Medical.
Diversification Opportunities for Jiangsu Jinling and Tinavi Medical
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Tinavi is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Tinavi Medical Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tinavi Medical Techn 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 Tinavi Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tinavi Medical Techn has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Tinavi Medical go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Tinavi Medical
Assuming the 90 days trading horizon Jiangsu Jinling is expected to generate 2.53 times less return on investment than Tinavi Medical. But when comparing it to its historical volatility, Jiangsu Jinling Sports is 1.26 times less risky than Tinavi Medical. It trades about 0.07 of its potential returns per unit of risk. Tinavi Medical Technologies is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 618.00 in Tinavi Medical Technologies on October 18, 2024 and sell it today you would earn a total of 344.00 from holding Tinavi Medical Technologies or generate 55.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Tinavi Medical Technologies
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Tinavi Medical Techn |
Jiangsu Jinling and Tinavi Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Tinavi Medical
The main advantage of trading using opposite Jiangsu Jinling and Tinavi Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling position performs unexpectedly, Tinavi 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 Tinavi Medical will offset losses from the drop in Tinavi Medical's long position.| Jiangsu Jinling vs. Hunan Mendale Hometextile | Jiangsu Jinling vs. Qumei Furniture Group | Jiangsu Jinling vs. Jiangxi Hengda Hi Tech | Jiangsu Jinling vs. DO Home Collection |
| Tinavi Medical vs. Xiangyang Automobile Bearing | Tinavi Medical vs. Guangxi Wuzhou Communications | Tinavi Medical vs. Jiangsu Jinling Sports | Tinavi Medical vs. Marssenger Kitchenware Co |
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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