Correlation Between Jinyu Bio and Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinyu Bio Technology Co and Industrial and Commercial, you can compare the effects of market volatilities on Jinyu Bio and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Industrial.
Diversification Opportunities for Jinyu Bio and Industrial
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinyu and Industrial is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Industrial go up and down completely randomly.
Pair Corralation between Jinyu Bio and Industrial
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to generate 1.93 times more return on investment than Industrial. However, Jinyu Bio is 1.93 times more volatile than Industrial and Commercial. It trades about 0.07 of its potential returns per unit of risk. Industrial and Commercial is currently generating about 0.09 per unit of risk. If you would invest 677.00 in Jinyu Bio Technology Co on September 1, 2024 and sell it today you would earn a total of 17.00 from holding Jinyu Bio Technology Co or generate 2.51% 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. Industrial and Commercial
Performance |
| Timeline |
| Jinyu Bio Technology |
| Industrial and Commercial |
Jinyu Bio and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Industrial
The main advantage of trading using opposite Jinyu Bio and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial's long position.| Jinyu Bio vs. Tongling Nonferrous Metals | Jinyu Bio vs. Shandong Hongchuang Aluminum | Jinyu Bio vs. Tianshan Aluminum Group | Jinyu Bio vs. Lander Sports Development |
| Industrial vs. Fiberhome Telecommunication Technologies | Industrial vs. Chengdu Spaceon Electronics | Industrial vs. Zhongtong Guomai Communication | Industrial vs. Railway Signal Communication |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |