Correlation Between Jinyu Bio and Vontron Technology
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By analyzing existing cross correlation between Jinyu Bio Technology Co and Vontron Technology Co, you can compare the effects of market volatilities on Jinyu Bio and Vontron Technology 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 Jinyu Bio with a short position of Vontron Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Vontron Technology.
Diversification Opportunities for Jinyu Bio and Vontron Technology
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinyu and Vontron is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Vontron Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vontron Technology and Jinyu Bio 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 Jinyu Bio Technology Co are associated (or correlated) with Vontron Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vontron Technology has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Vontron Technology go up and down completely randomly.
Pair Corralation between Jinyu Bio and Vontron Technology
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to under-perform the Vontron Technology. But the stock apears to be less risky and, when comparing its historical volatility, Jinyu Bio Technology Co is 1.07 times less risky than Vontron Technology. The stock trades about -0.26 of its potential returns per unit of risk. The Vontron Technology Co is currently generating about -0.17 of returns per unit of risk over similar time horizon. If you would invest 918.00 in Vontron Technology Co on October 21, 2024 and sell it today you would lose (62.00) from holding Vontron Technology Co or give up 6.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinyu Bio Technology Co vs. Vontron Technology Co
Performance |
| Timeline |
| Jinyu Bio Technology |
| Vontron Technology |
Jinyu Bio and Vontron Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Vontron Technology
The main advantage of trading using opposite Jinyu Bio and Vontron Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Vontron Technology 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 Vontron Technology will offset losses from the drop in Vontron Technology's long position.| Jinyu Bio vs. Bomesc Offshore Engineering | Jinyu Bio vs. Fujian Newland Computer | Jinyu Bio vs. Yindu Kitchen Equipment | Jinyu Bio vs. Fiberhome Telecommunication Technologies |
| Vontron Technology vs. Financial Street Holdings | Vontron Technology vs. Youyou Foods Co | Vontron Technology vs. Jiangsu Financial Leasing | Vontron Technology vs. Postal Savings 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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