Correlation Between Jinyu Bio and Tianshui Huatian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinyu Bio Technology Co and Tianshui Huatian Technology, you can compare the effects of market volatilities on Jinyu Bio and Tianshui Huatian 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 Tianshui Huatian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Tianshui Huatian.
Diversification Opportunities for Jinyu Bio and Tianshui Huatian
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinyu and Tianshui is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Tianshui Huatian Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshui Huatian Tec 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 Tianshui Huatian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshui Huatian Tec has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Tianshui Huatian go up and down completely randomly.
Pair Corralation between Jinyu Bio and Tianshui Huatian
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to under-perform the Tianshui Huatian. But the stock apears to be less risky and, when comparing its historical volatility, Jinyu Bio Technology Co is 1.19 times less risky than Tianshui Huatian. The stock trades about -0.05 of its potential returns per unit of risk. The Tianshui Huatian Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 956.00 in Tianshui Huatian Technology on November 2, 2024 and sell it today you would earn a total of 170.00 from holding Tianshui Huatian Technology or generate 17.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinyu Bio Technology Co vs. Tianshui Huatian Technology
Performance |
| Timeline |
| Jinyu Bio Technology |
| Tianshui Huatian Tec |
Jinyu Bio and Tianshui Huatian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Tianshui Huatian
The main advantage of trading using opposite Jinyu Bio and Tianshui Huatian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Tianshui Huatian 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 Tianshui Huatian will offset losses from the drop in Tianshui Huatian's long position.| Jinyu Bio vs. Tonghua Grape Wine | Jinyu Bio vs. Heilongjiang Transport Development | Jinyu Bio vs. Hubeiyichang Transportation Group | Jinyu Bio vs. Guocheng Mining Co |
| Tianshui Huatian vs. JuneYao Dairy Co | Tianshui Huatian vs. Shanghai Yaoji Playing | Tianshui Huatian vs. Caihong Display Devices | Tianshui Huatian vs. Yan Tai Shuang |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |