Correlation Between Tinavi Medical and Jiangsu Financial
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By analyzing existing cross correlation between Tinavi Medical Technologies and Jiangsu Financial Leasing, you can compare the effects of market volatilities on Tinavi Medical and Jiangsu Financial 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 Tinavi Medical with a short position of Jiangsu Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tinavi Medical and Jiangsu Financial.
Diversification Opportunities for Tinavi Medical and Jiangsu Financial
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Tinavi and Jiangsu is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Tinavi Medical Technologies and Jiangsu Financial Leasing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Financial Leasing and Tinavi 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 Tinavi Medical Technologies are associated (or correlated) with Jiangsu Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Financial Leasing has no effect on the direction of Tinavi Medical i.e., Tinavi Medical and Jiangsu Financial go up and down completely randomly.
Pair Corralation between Tinavi Medical and Jiangsu Financial
Assuming the 90 days trading horizon Tinavi Medical Technologies is expected to under-perform the Jiangsu Financial. In addition to that, Tinavi Medical is 2.27 times more volatile than Jiangsu Financial Leasing. It trades about -0.51 of its total potential returns per unit of risk. Jiangsu Financial Leasing is currently generating about -0.04 per unit of volatility. If you would invest 514.00 in Jiangsu Financial Leasing on October 12, 2024 and sell it today you would lose (6.00) from holding Jiangsu Financial Leasing or give up 1.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tinavi Medical Technologies vs. Jiangsu Financial Leasing
Performance |
| Timeline |
| Tinavi Medical Techn |
| Jiangsu Financial Leasing |
Tinavi Medical and Jiangsu Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tinavi Medical and Jiangsu Financial
The main advantage of trading using opposite Tinavi Medical and Jiangsu Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tinavi Medical position performs unexpectedly, Jiangsu Financial 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 Financial will offset losses from the drop in Jiangsu Financial's long position.| Tinavi Medical vs. Aofu Environmental Technology | Tinavi Medical vs. Chongqing Brewery Co | Tinavi Medical vs. China Minmetals Rare | Tinavi Medical vs. Chengtun Mining Group |
| Jiangsu Financial vs. Changchun Engley Automobile | Jiangsu Financial vs. Touchstone International Medical | Jiangsu Financial vs. Nanjing Vishee Medical | Jiangsu Financial vs. Tinavi Medical 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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