Correlation Between Eyebright Medical and Jiangsu Jinling
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By analyzing existing cross correlation between Eyebright Medical Technology and Jiangsu Jinling Sports, you can compare the effects of market volatilities on Eyebright Medical and Jiangsu Jinling 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 Eyebright Medical with a short position of Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and Jiangsu Jinling.
Diversification Opportunities for Eyebright Medical and Jiangsu Jinling
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Eyebright and Jiangsu is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports and Eyebright 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 Eyebright Medical Technology are associated (or correlated) with Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of Eyebright Medical i.e., Eyebright Medical and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between Eyebright Medical and Jiangsu Jinling
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the Jiangsu Jinling. In addition to that, Eyebright Medical is 1.09 times more volatile than Jiangsu Jinling Sports. It trades about -0.03 of its total potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about -0.02 per unit of volatility. If you would invest 2,286 in Jiangsu Jinling Sports on October 27, 2024 and sell it today you would lose (996.00) from holding Jiangsu Jinling Sports or give up 43.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. Jiangsu Jinling Sports
Performance |
| Timeline |
| Eyebright Medical |
| Jiangsu Jinling Sports |
Eyebright Medical and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and Jiangsu Jinling
The main advantage of trading using opposite Eyebright Medical and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical position performs unexpectedly, Jiangsu Jinling 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 Jinling will offset losses from the drop in Jiangsu Jinling's long position.| Eyebright Medical vs. Agricultural Bank of | Eyebright Medical vs. Industrial and Commercial | Eyebright Medical vs. Bank of China | Eyebright Medical vs. China Construction Bank |
| Jiangsu Jinling vs. Iat Automobile Technology | Jiangsu Jinling vs. Bonree Data Technology | Jiangsu Jinling vs. Emdoor Information Co | Jiangsu Jinling vs. East Money Information |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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