Correlation Between Jinyu Bio and Beijing Venustech
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinyu Bio Technology Co and Beijing Venustech, you can compare the effects of market volatilities on Jinyu Bio and Beijing Venustech 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 Beijing Venustech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Beijing Venustech.
Diversification Opportunities for Jinyu Bio and Beijing Venustech
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinyu and Beijing is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Beijing Venustech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Venustech 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 Beijing Venustech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Venustech has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Beijing Venustech go up and down completely randomly.
Pair Corralation between Jinyu Bio and Beijing Venustech
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to under-perform the Beijing Venustech. But the stock apears to be less risky and, when comparing its historical volatility, Jinyu Bio Technology Co is 1.29 times less risky than Beijing Venustech. The stock trades about -0.02 of its potential returns per unit of risk. The Beijing Venustech is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 2,506 in Beijing Venustech on September 4, 2024 and sell it today you would lose (763.00) from holding Beijing Venustech or give up 30.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinyu Bio Technology Co vs. Beijing Venustech
Performance |
| Timeline |
| Jinyu Bio Technology |
| Beijing Venustech |
Jinyu Bio and Beijing Venustech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Beijing Venustech
The main advantage of trading using opposite Jinyu Bio and Beijing Venustech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Beijing Venustech 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 Beijing Venustech will offset losses from the drop in Beijing Venustech's long position.| Jinyu Bio vs. Kweichow Moutai Co | Jinyu Bio vs. Shenzhen Mindray Bio Medical | Jinyu Bio vs. Jiangsu Pacific Quartz | Jinyu Bio vs. G bits Network Technology |
| Beijing Venustech vs. Eastern Air Logistics | Beijing Venustech vs. Sino Platinum Metals Co | Beijing Venustech vs. Shanghai Jinfeng Wine | Beijing Venustech vs. Citic Guoan Wine |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |