Correlation Between Yindu Kitchen and Jiangsu Bioperfectus
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By analyzing existing cross correlation between Yindu Kitchen Equipment and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Yindu Kitchen and Jiangsu Bioperfectus 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 Yindu Kitchen with a short position of Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yindu Kitchen and Jiangsu Bioperfectus.
Diversification Opportunities for Yindu Kitchen and Jiangsu Bioperfectus
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Yindu and Jiangsu is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Yindu Kitchen Equipment and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus and Yindu Kitchen 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 Yindu Kitchen Equipment are associated (or correlated) with Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of Yindu Kitchen i.e., Yindu Kitchen and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Yindu Kitchen and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Yindu Kitchen Equipment is expected to generate 0.36 times more return on investment than Jiangsu Bioperfectus. However, Yindu Kitchen Equipment is 2.78 times less risky than Jiangsu Bioperfectus. It trades about 0.52 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about 0.12 per unit of risk. If you would invest 2,487 in Yindu Kitchen Equipment on November 29, 2024 and sell it today you would earn a total of 365.00 from holding Yindu Kitchen Equipment or generate 14.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yindu Kitchen Equipment vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Yindu Kitchen Equipment |
| Jiangsu Bioperfectus |
Yindu Kitchen and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yindu Kitchen and Jiangsu Bioperfectus
The main advantage of trading using opposite Yindu Kitchen and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yindu Kitchen position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| Yindu Kitchen vs. Industrial and Commercial | Yindu Kitchen vs. Agricultural Bank of | Yindu Kitchen vs. China Construction Bank | Yindu Kitchen vs. Bank of China |
| Jiangsu Bioperfectus vs. Aier Eye Hospital | Jiangsu Bioperfectus vs. Hangzhou Minsheng Healthcare | Jiangsu Bioperfectus vs. Heren Health Co | Jiangsu Bioperfectus vs. By health |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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