Correlation Between Industrial and Jafron Biomedical
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By analyzing existing cross correlation between Industrial and Commercial and Jafron Biomedical Co, you can compare the effects of market volatilities on Industrial and Jafron Biomedical 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 Industrial with a short position of Jafron Biomedical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Industrial and Jafron Biomedical.
Diversification Opportunities for Industrial and Jafron Biomedical
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Industrial and Jafron is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Industrial and Commercial and Jafron Biomedical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jafron Biomedical and Industrial 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 Industrial and Commercial are associated (or correlated) with Jafron Biomedical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jafron Biomedical has no effect on the direction of Industrial i.e., Industrial and Jafron Biomedical go up and down completely randomly.
Pair Corralation between Industrial and Jafron Biomedical
Assuming the 90 days trading horizon Industrial is expected to generate 1.15 times less return on investment than Jafron Biomedical. But when comparing it to its historical volatility, Industrial and Commercial is 2.12 times less risky than Jafron Biomedical. It trades about 0.07 of its potential returns per unit of risk. Jafron Biomedical Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,767 in Jafron Biomedical Co on September 1, 2024 and sell it today you would earn a total of 281.00 from holding Jafron Biomedical Co or generate 10.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Industrial and Commercial vs. Jafron Biomedical Co
Performance |
| Timeline |
| Industrial and Commercial |
| Jafron Biomedical |
Industrial and Jafron Biomedical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Industrial and Jafron Biomedical
The main advantage of trading using opposite Industrial and Jafron Biomedical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Industrial position performs unexpectedly, Jafron Biomedical 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 Jafron Biomedical will offset losses from the drop in Jafron Biomedical's long position.| Industrial vs. Fiberhome Telecommunication Technologies | Industrial vs. Chengdu Spaceon Electronics | Industrial vs. Zhongtong Guomai Communication | Industrial vs. Railway Signal Communication |
| Jafron Biomedical vs. Nanjing Putian Telecommunications | Jafron Biomedical vs. Shenzhen Hifuture Electric | Jafron Biomedical vs. Tianjin Realty Development | Jafron Biomedical vs. Shenyang Huitian Thermal |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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