Correlation Between Kingclean Electric and Jiangsu Bioperfectus
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By analyzing existing cross correlation between Kingclean Electric Co and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Kingclean Electric 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 Kingclean Electric with a short position of Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingclean Electric and Jiangsu Bioperfectus.
Diversification Opportunities for Kingclean Electric and Jiangsu Bioperfectus
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Kingclean and Jiangsu is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Kingclean Electric Co and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus and Kingclean Electric 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 Kingclean Electric Co 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 Kingclean Electric i.e., Kingclean Electric and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Kingclean Electric and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Kingclean Electric is expected to generate 4.88 times less return on investment than Jiangsu Bioperfectus. But when comparing it to its historical volatility, Kingclean Electric Co is 1.07 times less risky than Jiangsu Bioperfectus. It trades about 0.01 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 5,357 in Jiangsu Bioperfectus Technologies on September 4, 2024 and sell it today you would earn a total of 1,811 from holding Jiangsu Bioperfectus Technologies or generate 33.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingclean Electric Co vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Kingclean Electric |
| Jiangsu Bioperfectus |
Kingclean Electric and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingclean Electric and Jiangsu Bioperfectus
The main advantage of trading using opposite Kingclean Electric and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingclean Electric 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.| Kingclean Electric vs. BeiGene | Kingclean Electric vs. Kweichow Moutai Co | Kingclean Electric vs. Beijing Roborock Technology | Kingclean Electric vs. G bits Network Technology |
| Jiangsu Bioperfectus vs. China Publishing Media | Jiangsu Bioperfectus vs. Kingclean Electric Co | Jiangsu Bioperfectus vs. Shandong Publishing Media | Jiangsu Bioperfectus vs. Luyin Investment Group |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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