Correlation Between Winner Medical Co and Jafron Biomedical
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By analyzing existing cross correlation between Winner Medical Co and Jafron Biomedical Co, you can compare the effects of market volatilities on Winner Medical Co and Jafron Biomedical 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 Winner Medical Co with a short position of Jafron Biomedical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical Co and Jafron Biomedical.
Diversification Opportunities for Winner Medical Co and Jafron Biomedical
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Winner and Jafron is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and Jafron Biomedical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jafron Biomedical and Winner Medical Co 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 Winner Medical Co are associated (or correlated) with Jafron Biomedical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jafron Biomedical has no effect on the direction of Winner Medical Co i.e., Winner Medical Co and Jafron Biomedical go up and down completely randomly.
Pair Corralation between Winner Medical Co and Jafron Biomedical
Assuming the 90 days trading horizon Winner Medical Co is expected to generate 1.02 times more return on investment than Jafron Biomedical. However, Winner Medical Co is 1.02 times more volatile than Jafron Biomedical Co. It trades about 0.23 of its potential returns per unit of risk. Jafron Biomedical Co is currently generating about -0.03 per unit of risk. If you would invest 3,119 in Winner Medical Co on September 1, 2024 and sell it today you would earn a total of 378.00 from holding Winner Medical Co or generate 12.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. Jafron Biomedical Co
Performance |
| Timeline |
| Winner Medical Co |
| Jafron Biomedical |
Winner Medical Co and Jafron Biomedical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical Co and Jafron Biomedical
The main advantage of trading using opposite Winner Medical Co and Jafron Biomedical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner Medical Co position performs unexpectedly, Jafron Biomedical 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 Jafron Biomedical will offset losses from the drop in Jafron Biomedical's long position.| Winner Medical Co vs. Nanjing Putian Telecommunications | Winner Medical Co vs. Shenzhen Hifuture Electric | Winner Medical Co vs. Tianjin Realty Development | Winner Medical Co vs. Shenyang Huitian Thermal |
| Jafron Biomedical vs. Nanjing Putian Telecommunications | Jafron Biomedical vs. Shenzhen Hifuture Electric | Jafron Biomedical vs. Tianjin Realty Development | Jafron Biomedical 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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