Correlation Between Cowealth Medical and Jiangnan Mould
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By analyzing existing cross correlation between Cowealth Medical China and Jiangnan Mould Plastic, you can compare the effects of market volatilities on Cowealth Medical and Jiangnan Mould 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 Cowealth Medical with a short position of Jiangnan Mould. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cowealth Medical and Jiangnan Mould.
Diversification Opportunities for Cowealth Medical and Jiangnan Mould
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cowealth and Jiangnan is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Cowealth Medical China and Jiangnan Mould Plastic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangnan Mould Plastic and Cowealth Medical 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 Cowealth Medical China are associated (or correlated) with Jiangnan Mould. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangnan Mould Plastic has no effect on the direction of Cowealth Medical i.e., Cowealth Medical and Jiangnan Mould go up and down completely randomly.
Pair Corralation between Cowealth Medical and Jiangnan Mould
Assuming the 90 days trading horizon Cowealth Medical China is expected to under-perform the Jiangnan Mould. In addition to that, Cowealth Medical is 1.14 times more volatile than Jiangnan Mould Plastic. It trades about -0.31 of its total potential returns per unit of risk. Jiangnan Mould Plastic is currently generating about -0.29 per unit of volatility. If you would invest 772.00 in Jiangnan Mould Plastic on October 11, 2024 and sell it today you would lose (99.00) from holding Jiangnan Mould Plastic or give up 12.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cowealth Medical China vs. Jiangnan Mould Plastic
Performance |
| Timeline |
| Cowealth Medical China |
| Jiangnan Mould Plastic |
Cowealth Medical and Jiangnan Mould Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cowealth Medical and Jiangnan Mould
The main advantage of trading using opposite Cowealth Medical and Jiangnan Mould positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cowealth Medical position performs unexpectedly, Jiangnan Mould 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 Jiangnan Mould will offset losses from the drop in Jiangnan Mould's long position.| Cowealth Medical vs. Guangzhou Jinyi Media | Cowealth Medical vs. Shuhua Sports Co | Cowealth Medical vs. Omnijoi Media Corp | Cowealth Medical vs. GUOMAI Culture Media |
| Jiangnan Mould vs. Nuode Investment Co | Jiangnan Mould vs. Harbin Hatou Investment | Jiangnan Mould vs. Vanfund Urban Investment | Jiangnan Mould vs. China Asset Management |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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