Correlation Between Jiangsu Broadcasting and Maccura Biotechnology
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By analyzing existing cross correlation between Jiangsu Broadcasting Cable and Maccura Biotechnology Co, you can compare the effects of market volatilities on Jiangsu Broadcasting 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 Broadcasting with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Broadcasting and Maccura Biotechnology.
Diversification Opportunities for Jiangsu Broadcasting and Maccura Biotechnology
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangsu and Maccura is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Broadcasting Cable 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 Broadcasting 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 Broadcasting Cable 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 Broadcasting i.e., Jiangsu Broadcasting and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Jiangsu Broadcasting and Maccura Biotechnology
Assuming the 90 days trading horizon Jiangsu Broadcasting Cable is expected to generate 1.45 times more return on investment than Maccura Biotechnology. However, Jiangsu Broadcasting is 1.45 times more volatile than Maccura Biotechnology Co. It trades about -0.11 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.21 per unit of risk. If you would invest 363.00 in Jiangsu Broadcasting Cable on October 11, 2024 and sell it today you would lose (44.00) from holding Jiangsu Broadcasting Cable or give up 12.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Broadcasting Cable vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Jiangsu Broadcasting |
| Maccura Biotechnology |
Jiangsu Broadcasting and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Broadcasting and Maccura Biotechnology
The main advantage of trading using opposite Jiangsu Broadcasting and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Broadcasting 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 Broadcasting vs. Guangdong Xiongsu Technology | Jiangsu Broadcasting vs. ROPEOK Technology Group | Jiangsu Broadcasting vs. 360 Security Technology | Jiangsu Broadcasting vs. Songz Automobile Air |
| Maccura Biotechnology vs. Suzhou Industrial Park | Maccura Biotechnology vs. Guosheng Financial Holding | Maccura Biotechnology vs. Guangzhou Haozhi Industrial | Maccura Biotechnology vs. Qilu Bank 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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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