Correlation Between Tinavi Medical and Gem Year
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By analyzing existing cross correlation between Tinavi Medical Technologies and Gem Year Industrial Co, you can compare the effects of market volatilities on Tinavi Medical and Gem Year 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 Gem Year. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tinavi Medical and Gem Year.
Diversification Opportunities for Tinavi Medical and Gem Year
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tinavi and Gem is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Tinavi Medical Technologies and Gem Year Industrial Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gem Year Industrial 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 Gem Year. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gem Year Industrial has no effect on the direction of Tinavi Medical i.e., Tinavi Medical and Gem Year go up and down completely randomly.
Pair Corralation between Tinavi Medical and Gem Year
Assuming the 90 days trading horizon Tinavi Medical Technologies is expected to under-perform the Gem Year. In addition to that, Tinavi Medical is 1.21 times more volatile than Gem Year Industrial Co. It trades about -0.51 of its total potential returns per unit of risk. Gem Year Industrial Co is currently generating about -0.25 per unit of volatility. If you would invest 487.00 in Gem Year Industrial Co on October 12, 2024 and sell it today you would lose (60.00) from holding Gem Year Industrial Co or give up 12.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tinavi Medical Technologies vs. Gem Year Industrial Co
Performance |
| Timeline |
| Tinavi Medical Techn |
| Gem Year Industrial |
Tinavi Medical and Gem Year Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tinavi Medical and Gem Year
The main advantage of trading using opposite Tinavi Medical and Gem Year positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tinavi Medical position performs unexpectedly, Gem Year 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 Gem Year will offset losses from the drop in Gem Year'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 |
| Gem Year vs. Shaanxi Meineng Clean | Gem Year vs. Duzhe Publishing Media | Gem Year vs. Tinavi Medical Technologies | Gem Year vs. Shandong Publishing Media |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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