Correlation Between Xinjiang Baodi and Joincare Pharmaceutical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Baodi Mining and Joincare Pharmaceutical Group, you can compare the effects of market volatilities on Xinjiang Baodi and Joincare Pharmaceutical 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 Xinjiang Baodi with a short position of Joincare Pharmaceutical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Joincare Pharmaceutical.
Diversification Opportunities for Xinjiang Baodi and Joincare Pharmaceutical
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xinjiang and Joincare is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Joincare Pharmaceutical Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Joincare Pharmaceutical and Xinjiang Baodi 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 Xinjiang Baodi Mining are associated (or correlated) with Joincare Pharmaceutical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Joincare Pharmaceutical has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Joincare Pharmaceutical go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Joincare Pharmaceutical
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to generate 1.75 times more return on investment than Joincare Pharmaceutical. However, Xinjiang Baodi is 1.75 times more volatile than Joincare Pharmaceutical Group. It trades about 0.12 of its potential returns per unit of risk. Joincare Pharmaceutical Group is currently generating about -0.12 per unit of risk. If you would invest 647.00 in Xinjiang Baodi Mining on September 13, 2024 and sell it today you would earn a total of 40.00 from holding Xinjiang Baodi Mining or generate 6.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Joincare Pharmaceutical Group
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Joincare Pharmaceutical |
Xinjiang Baodi and Joincare Pharmaceutical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Joincare Pharmaceutical
The main advantage of trading using opposite Xinjiang Baodi and Joincare Pharmaceutical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Joincare Pharmaceutical 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 Joincare Pharmaceutical will offset losses from the drop in Joincare Pharmaceutical's long position.| Xinjiang Baodi vs. Zijin Mining Group | Xinjiang Baodi vs. Wanhua Chemical Group | Xinjiang Baodi vs. Baoshan Iron Steel | Xinjiang Baodi vs. Shandong Gold Mining |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |