Correlation Between Jinyu Bio and Tianjin Ruixin
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By analyzing existing cross correlation between Jinyu Bio Technology Co and Tianjin Ruixin Technology, you can compare the effects of market volatilities on Jinyu Bio and Tianjin Ruixin 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 Tianjin Ruixin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Tianjin Ruixin.
Diversification Opportunities for Jinyu Bio and Tianjin Ruixin
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinyu and Tianjin is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Tianjin Ruixin Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Ruixin 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 Tianjin Ruixin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Ruixin Technology has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Tianjin Ruixin go up and down completely randomly.
Pair Corralation between Jinyu Bio and Tianjin Ruixin
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to under-perform the Tianjin Ruixin. But the stock apears to be less risky and, when comparing its historical volatility, Jinyu Bio Technology Co is 1.73 times less risky than Tianjin Ruixin. The stock trades about -0.05 of its potential returns per unit of risk. The Tianjin Ruixin Technology is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,468 in Tianjin Ruixin Technology on November 2, 2024 and sell it today you would lose (19.00) from holding Tianjin Ruixin Technology or give up 1.29% 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. Tianjin Ruixin Technology
Performance |
| Timeline |
| Jinyu Bio Technology |
| Tianjin Ruixin Technology |
Jinyu Bio and Tianjin Ruixin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Tianjin Ruixin
The main advantage of trading using opposite Jinyu Bio and Tianjin Ruixin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Tianjin Ruixin 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 Tianjin Ruixin will offset losses from the drop in Tianjin Ruixin'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 |
| Tianjin Ruixin vs. Air China Ltd | Tianjin Ruixin vs. Nanjing Putian Telecommunications | Tianjin Ruixin vs. Youyou Foods Co | Tianjin Ruixin vs. Quectel Wireless Solutions |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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