Correlation Between Saurer Intelligent and Jinhe Biotechnology
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By analyzing existing cross correlation between Saurer Intelligent Technology and Jinhe Biotechnology Co, you can compare the effects of market volatilities on Saurer Intelligent and Jinhe Biotechnology 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 Saurer Intelligent with a short position of Jinhe Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saurer Intelligent and Jinhe Biotechnology.
Diversification Opportunities for Saurer Intelligent and Jinhe Biotechnology
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Saurer and Jinhe is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Saurer Intelligent Technology and Jinhe Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhe Biotechnology and Saurer Intelligent 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 Saurer Intelligent Technology are associated (or correlated) with Jinhe Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhe Biotechnology has no effect on the direction of Saurer Intelligent i.e., Saurer Intelligent and Jinhe Biotechnology go up and down completely randomly.
Pair Corralation between Saurer Intelligent and Jinhe Biotechnology
Assuming the 90 days trading horizon Saurer Intelligent Technology is expected to generate 1.63 times more return on investment than Jinhe Biotechnology. However, Saurer Intelligent is 1.63 times more volatile than Jinhe Biotechnology Co. It trades about 0.19 of its potential returns per unit of risk. Jinhe Biotechnology Co is currently generating about 0.16 per unit of risk. If you would invest 134.00 in Saurer Intelligent Technology on August 25, 2024 and sell it today you would earn a total of 63.00 from holding Saurer Intelligent Technology or generate 47.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saurer Intelligent Technology vs. Jinhe Biotechnology Co
Performance |
| Timeline |
| Saurer Intelligent |
| Jinhe Biotechnology |
Saurer Intelligent and Jinhe Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saurer Intelligent and Jinhe Biotechnology
The main advantage of trading using opposite Saurer Intelligent and Jinhe Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saurer Intelligent position performs unexpectedly, Jinhe Biotechnology 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 Jinhe Biotechnology will offset losses from the drop in Jinhe Biotechnology's long position.| Saurer Intelligent vs. Agricultural Bank of | Saurer Intelligent vs. Industrial and Commercial | Saurer Intelligent vs. Bank of China | Saurer Intelligent vs. China Construction Bank |
| Jinhe Biotechnology vs. Industrial and Commercial | Jinhe Biotechnology vs. Agricultural Bank of | Jinhe Biotechnology vs. China Construction Bank | Jinhe Biotechnology vs. Bank of China |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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