Correlation Between Jinyu Bio and Keeson Technology
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By analyzing existing cross correlation between Jinyu Bio Technology Co and Keeson Technology Corp, you can compare the effects of market volatilities on Jinyu Bio and Keeson Technology 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 Keeson Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Keeson Technology.
Diversification Opportunities for Jinyu Bio and Keeson Technology
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jinyu and Keeson is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Keeson Technology Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Keeson Technology Corp 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 Keeson Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Keeson Technology Corp has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Keeson Technology go up and down completely randomly.
Pair Corralation between Jinyu Bio and Keeson Technology
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to under-perform the Keeson Technology. 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 Keeson Technology. The stock trades about -0.05 of its potential returns per unit of risk. The Keeson Technology Corp is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,304 in Keeson Technology Corp on November 2, 2024 and sell it today you would lose (190.00) from holding Keeson Technology Corp or give up 14.57% of portfolio value 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. Keeson Technology Corp
Performance |
| Timeline |
| Jinyu Bio Technology |
| Keeson Technology Corp |
Jinyu Bio and Keeson Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Keeson Technology
The main advantage of trading using opposite Jinyu Bio and Keeson Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Keeson Technology 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 Keeson Technology will offset losses from the drop in Keeson Technology'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 |
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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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