Correlation Between Jiangsu Yueda and Maccura Biotechnology
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By analyzing existing cross correlation between Jiangsu Yueda Investment and Maccura Biotechnology Co, you can compare the effects of market volatilities on Jiangsu Yueda and Maccura 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 Jiangsu Yueda with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yueda and Maccura Biotechnology.
Diversification Opportunities for Jiangsu Yueda and Maccura Biotechnology
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Maccura is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yueda Investment and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Jiangsu Yueda 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 Jiangsu Yueda Investment are associated (or correlated) with Maccura Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maccura Biotechnology has no effect on the direction of Jiangsu Yueda i.e., Jiangsu Yueda and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Jiangsu Yueda and Maccura Biotechnology
Assuming the 90 days trading horizon Jiangsu Yueda Investment is expected to generate 1.2 times more return on investment than Maccura Biotechnology. However, Jiangsu Yueda is 1.2 times more volatile than Maccura Biotechnology Co. It trades about 0.03 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about 0.01 per unit of risk. If you would invest 437.00 in Jiangsu Yueda Investment on September 12, 2024 and sell it today you would earn a total of 48.00 from holding Jiangsu Yueda Investment or generate 10.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yueda Investment vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Jiangsu Yueda Investment |
| Maccura Biotechnology |
Jiangsu Yueda and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yueda and Maccura Biotechnology
The main advantage of trading using opposite Jiangsu Yueda and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yueda position performs unexpectedly, Maccura 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 Maccura Biotechnology will offset losses from the drop in Maccura Biotechnology's long position.| Jiangsu Yueda vs. Agricultural Bank of | Jiangsu Yueda vs. Industrial and Commercial | Jiangsu Yueda vs. Bank of China | Jiangsu Yueda vs. PetroChina Co Ltd |
| Maccura Biotechnology vs. Cultural Investment Holdings | Maccura Biotechnology vs. Gome Telecom Equipment | Maccura Biotechnology vs. Holitech Technology Co | Maccura Biotechnology vs. Zotye Automobile 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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