Correlation Between Tianjin Realty and Jinyu Bio
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By analyzing existing cross correlation between Tianjin Realty Development and Jinyu Bio Technology Co, you can compare the effects of market volatilities on Tianjin Realty and Jinyu Bio 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 Tianjin Realty with a short position of Jinyu Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Realty and Jinyu Bio.
Diversification Opportunities for Tianjin Realty and Jinyu Bio
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tianjin and Jinyu is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Realty Development and Jinyu Bio Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinyu Bio Technology and Tianjin Realty 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 Tianjin Realty Development are associated (or correlated) with Jinyu Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinyu Bio Technology has no effect on the direction of Tianjin Realty i.e., Tianjin Realty and Jinyu Bio go up and down completely randomly.
Pair Corralation between Tianjin Realty and Jinyu Bio
Assuming the 90 days trading horizon Tianjin Realty Development is expected to under-perform the Jinyu Bio. In addition to that, Tianjin Realty is 2.49 times more volatile than Jinyu Bio Technology Co. It trades about -0.19 of its total potential returns per unit of risk. Jinyu Bio Technology Co is currently generating about -0.25 per unit of volatility. If you would invest 690.00 in Jinyu Bio Technology Co on October 24, 2024 and sell it today you would lose (60.00) from holding Jinyu Bio Technology Co or give up 8.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Tianjin Realty Development vs. Jinyu Bio Technology Co
Performance |
| Timeline |
| Tianjin Realty Devel |
| Jinyu Bio Technology |
Tianjin Realty and Jinyu Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Realty and Jinyu Bio
The main advantage of trading using opposite Tianjin Realty and Jinyu Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Realty position performs unexpectedly, Jinyu Bio 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 Jinyu Bio will offset losses from the drop in Jinyu Bio's long position.| Tianjin Realty vs. Guangzhou Seagull Kitchen | Tianjin Realty vs. Cultural Investment Holdings | Tianjin Realty vs. Ziel Home Furnishing | Tianjin Realty vs. AUPU Home Style |
| Jinyu Bio vs. Shandong Rike Chemical | Jinyu Bio vs. Xinxiang Chemical Fiber | Jinyu Bio vs. Longxing Chemical Stock | Jinyu Bio vs. Nanning Chemical Industry |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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