Correlation Between Jiangxi Naipu and GKHT Medical
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By analyzing existing cross correlation between Jiangxi Naipu Mining and GKHT Medical Technology, you can compare the effects of market volatilities on Jiangxi Naipu and GKHT 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 Jiangxi Naipu with a short position of GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Naipu and GKHT Medical.
Diversification Opportunities for Jiangxi Naipu and GKHT Medical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangxi and GKHT is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Naipu Mining and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology and Jiangxi Naipu 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 Jiangxi Naipu Mining are associated (or correlated) with GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Jiangxi Naipu i.e., Jiangxi Naipu and GKHT Medical go up and down completely randomly.
Pair Corralation between Jiangxi Naipu and GKHT Medical
Assuming the 90 days trading horizon Jiangxi Naipu Mining is expected to generate 0.92 times more return on investment than GKHT Medical. However, Jiangxi Naipu Mining is 1.09 times less risky than GKHT Medical. It trades about 0.04 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.02 per unit of risk. If you would invest 2,322 in Jiangxi Naipu Mining on September 2, 2024 and sell it today you would earn a total of 550.00 from holding Jiangxi Naipu Mining or generate 23.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Naipu Mining vs. GKHT Medical Technology
Performance |
| Timeline |
| Jiangxi Naipu Mining |
| GKHT Medical Technology |
Jiangxi Naipu and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Naipu and GKHT Medical
The main advantage of trading using opposite Jiangxi Naipu and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Naipu position performs unexpectedly, GKHT 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Jiangxi Naipu vs. Kweichow Moutai Co | Jiangxi Naipu vs. NAURA Technology Group | Jiangxi Naipu vs. Zhejiang Orient Gene | Jiangxi Naipu vs. APT Medical |
| GKHT Medical vs. Anhui Huaren Health | GKHT Medical vs. Dhc Software Co | GKHT Medical vs. Linewell Software Co | GKHT Medical vs. Everjoy Health Group |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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