Correlation Between Jiangsu Bioperfectus and China Railway
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By analyzing existing cross correlation between Jiangsu Bioperfectus Technologies and China Railway Materials, you can compare the effects of market volatilities on Jiangsu Bioperfectus and China Railway 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 Jiangsu Bioperfectus with a short position of China Railway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Bioperfectus and China Railway.
Diversification Opportunities for Jiangsu Bioperfectus and China Railway
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiangsu and China is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Bioperfectus Technolog and China Railway Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Railway Materials and Jiangsu Bioperfectus 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 Jiangsu Bioperfectus Technologies are associated (or correlated) with China Railway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Railway Materials has no effect on the direction of Jiangsu Bioperfectus i.e., Jiangsu Bioperfectus and China Railway go up and down completely randomly.
Pair Corralation between Jiangsu Bioperfectus and China Railway
Assuming the 90 days trading horizon Jiangsu Bioperfectus Technologies is expected to under-perform the China Railway. In addition to that, Jiangsu Bioperfectus is 1.71 times more volatile than China Railway Materials. It trades about -0.17 of its total potential returns per unit of risk. China Railway Materials is currently generating about 0.14 per unit of volatility. If you would invest 280.00 in China Railway Materials on September 4, 2024 and sell it today you would earn a total of 13.00 from holding China Railway Materials or generate 4.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Bioperfectus Technolog vs. China Railway Materials
Performance |
| Timeline |
| Jiangsu Bioperfectus |
| China Railway Materials |
Jiangsu Bioperfectus and China Railway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Bioperfectus and China Railway
The main advantage of trading using opposite Jiangsu Bioperfectus and China Railway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Bioperfectus position performs unexpectedly, China Railway 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 China Railway will offset losses from the drop in China Railway's long position.| Jiangsu Bioperfectus vs. China Publishing Media | Jiangsu Bioperfectus vs. Kingclean Electric Co | Jiangsu Bioperfectus vs. Shandong Publishing Media | Jiangsu Bioperfectus vs. Luyin Investment Group |
| China Railway vs. Industrial and Commercial | China Railway vs. China Construction Bank | China Railway vs. Agricultural Bank of | China Railway vs. Bank of China |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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