Correlation Between Healthcare and JCET Group
Specify exactly 2 symbols:
By analyzing existing cross correlation between Healthcare Co and JCET Group Co, you can compare the effects of market volatilities on Healthcare and JCET Group 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 Healthcare with a short position of JCET Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Healthcare and JCET Group.
Diversification Opportunities for Healthcare and JCET Group
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Healthcare and JCET is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Healthcare Co and JCET Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JCET Group and Healthcare 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 Healthcare Co are associated (or correlated) with JCET Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JCET Group has no effect on the direction of Healthcare i.e., Healthcare and JCET Group go up and down completely randomly.
Pair Corralation between Healthcare and JCET Group
Assuming the 90 days trading horizon Healthcare Co is expected to under-perform the JCET Group. But the stock apears to be less risky and, when comparing its historical volatility, Healthcare Co is 1.08 times less risky than JCET Group. The stock trades about -0.01 of its potential returns per unit of risk. The JCET Group Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 3,137 in JCET Group Co on September 27, 2024 and sell it today you would earn a total of 756.00 from holding JCET Group Co or generate 24.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Healthcare Co vs. JCET Group Co
Performance |
| Timeline |
| Healthcare |
| JCET Group |
Healthcare and JCET Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Healthcare and JCET Group
The main advantage of trading using opposite Healthcare and JCET Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Healthcare position performs unexpectedly, JCET Group 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 JCET Group will offset losses from the drop in JCET Group's long position.| Healthcare vs. Sihui Fuji Electronics | Healthcare vs. Longjian Road Bridge | Healthcare vs. Zhengping RoadBridge Constr | Healthcare vs. Zhongshan Broad Ocean Motor |
| JCET Group vs. Dhc Software Co | JCET Group vs. Xinya Electronic Co | JCET Group vs. Fuzhou Rockchip Electronics | JCET Group vs. Kuang Chi Technologies |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |