Correlation Between Jinyu Bio and Epoxy Base
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By analyzing existing cross correlation between Jinyu Bio Technology Co and Epoxy Base Electronic, you can compare the effects of market volatilities on Jinyu Bio and Epoxy Base 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 Epoxy Base. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Epoxy Base.
Diversification Opportunities for Jinyu Bio and Epoxy Base
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jinyu and Epoxy is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Epoxy Base Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Epoxy Base Electronic 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 Epoxy Base. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Epoxy Base Electronic has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Epoxy Base go up and down completely randomly.
Pair Corralation between Jinyu Bio and Epoxy Base
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to under-perform the Epoxy Base. But the stock apears to be less risky and, when comparing its historical volatility, Jinyu Bio Technology Co is 1.99 times less risky than Epoxy Base. The stock trades about -0.22 of its potential returns per unit of risk. The Epoxy Base Electronic is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 555.00 in Epoxy Base Electronic on October 26, 2024 and sell it today you would earn a total of 8.00 from holding Epoxy Base Electronic or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinyu Bio Technology Co vs. Epoxy Base Electronic
Performance |
| Timeline |
| Jinyu Bio Technology |
| Epoxy Base Electronic |
Jinyu Bio and Epoxy Base Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Epoxy Base
The main advantage of trading using opposite Jinyu Bio and Epoxy Base positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Epoxy Base 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 Epoxy Base will offset losses from the drop in Epoxy Base's long position.| Jinyu Bio vs. China Petroleum Chemical | Jinyu Bio vs. PetroChina Co Ltd | Jinyu Bio vs. China State Construction | Jinyu Bio vs. China Railway Group |
| Epoxy Base vs. Eyebright Medical Technology | Epoxy Base vs. Jinyu Bio Technology Co | Epoxy Base vs. Hubei Forbon Technology | Epoxy Base vs. Uxi Unicomp Technology |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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