Correlation Between Jinxiandai Information and CareRay Digital
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By analyzing existing cross correlation between Jinxiandai Information Industry and CareRay Digital Medical, you can compare the effects of market volatilities on Jinxiandai Information and CareRay Digital 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 Jinxiandai Information with a short position of CareRay Digital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinxiandai Information and CareRay Digital.
Diversification Opportunities for Jinxiandai Information and CareRay Digital
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinxiandai and CareRay is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Jinxiandai Information Industr and CareRay Digital Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CareRay Digital Medical and Jinxiandai Information 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 Jinxiandai Information Industry are associated (or correlated) with CareRay Digital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CareRay Digital Medical has no effect on the direction of Jinxiandai Information i.e., Jinxiandai Information and CareRay Digital go up and down completely randomly.
Pair Corralation between Jinxiandai Information and CareRay Digital
Assuming the 90 days trading horizon Jinxiandai Information Industry is expected to generate 2.34 times more return on investment than CareRay Digital. However, Jinxiandai Information is 2.34 times more volatile than CareRay Digital Medical. It trades about 0.16 of its potential returns per unit of risk. CareRay Digital Medical is currently generating about 0.22 per unit of risk. If you would invest 791.00 in Jinxiandai Information Industry on November 3, 2024 and sell it today you would earn a total of 101.00 from holding Jinxiandai Information Industry or generate 12.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinxiandai Information Industr vs. CareRay Digital Medical
Performance |
| Timeline |
| Jinxiandai Information |
| CareRay Digital Medical |
Jinxiandai Information and CareRay Digital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinxiandai Information and CareRay Digital
The main advantage of trading using opposite Jinxiandai Information and CareRay Digital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinxiandai Information position performs unexpectedly, CareRay Digital 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 CareRay Digital will offset losses from the drop in CareRay Digital's long position.| Jinxiandai Information vs. Linewell Software Co | Jinxiandai Information vs. Masterwork Machinery | Jinxiandai Information vs. Zhejiang Yinlun Machinery | Jinxiandai Information vs. Kunshan Dongwei Technology |
| CareRay Digital vs. Jiangsu Yueda Investment | CareRay Digital vs. Chongqing Road Bridge | CareRay Digital vs. Zhejiang Construction Investment | CareRay Digital vs. Metro Investment Development |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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