Correlation Between Jinyu Bio and Shanghai
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By analyzing existing cross correlation between Jinyu Bio Technology Co and Shanghai MG Stationery, you can compare the effects of market volatilities on Jinyu Bio and Shanghai 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 Shanghai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Shanghai.
Diversification Opportunities for Jinyu Bio and Shanghai
Almost no diversification
The 3 months correlation between Jinyu and Shanghai is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Shanghai MG Stationery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai MG Stationery 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 Shanghai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai MG Stationery has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Shanghai go up and down completely randomly.
Pair Corralation between Jinyu Bio and Shanghai
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to generate 1.01 times more return on investment than Shanghai. However, Jinyu Bio is 1.01 times more volatile than Shanghai MG Stationery. It trades about -0.03 of its potential returns per unit of risk. Shanghai MG Stationery is currently generating about -0.04 per unit of risk. If you would invest 1,025 in Jinyu Bio Technology Co on September 4, 2024 and sell it today you would lose (324.00) from holding Jinyu Bio Technology Co or give up 31.61% 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. Shanghai MG Stationery
Performance |
| Timeline |
| Jinyu Bio Technology |
| Shanghai MG Stationery |
Jinyu Bio and Shanghai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinyu Bio and Shanghai
The main advantage of trading using opposite Jinyu Bio and Shanghai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Shanghai 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 Shanghai will offset losses from the drop in Shanghai'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 |
| Shanghai vs. Kunwu Jiuding Investment | Shanghai vs. Oppein Home Group | Shanghai vs. Harbin Hatou Investment | Shanghai vs. Jointo Energy Investment |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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