Correlation Between Jiangsu Bioperfectus and By Health
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By analyzing existing cross correlation between Jiangsu Bioperfectus Technologies and By health, you can compare the effects of market volatilities on Jiangsu Bioperfectus and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Bioperfectus and By Health.
Diversification Opportunities for Jiangsu Bioperfectus and By Health
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and 300146 is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Bioperfectus Technolog and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Jiangsu Bioperfectus i.e., Jiangsu Bioperfectus and By Health go up and down completely randomly.
Pair Corralation between Jiangsu Bioperfectus and By Health
Assuming the 90 days trading horizon Jiangsu Bioperfectus Technologies is expected to under-perform the By Health. In addition to that, Jiangsu Bioperfectus is 1.28 times more volatile than By health. It trades about -0.23 of its total potential returns per unit of risk. By health is currently generating about -0.03 per unit of volatility. If you would invest 1,274 in By health on September 1, 2024 and sell it today you would lose (22.00) from holding By health or give up 1.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Bioperfectus Technolog vs. By health
Performance |
| Timeline |
| Jiangsu Bioperfectus |
| By health |
Jiangsu Bioperfectus and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Bioperfectus and By Health
The main advantage of trading using opposite Jiangsu Bioperfectus and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Bioperfectus position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Jiangsu Bioperfectus vs. Miracll Chemicals Co | Jiangsu Bioperfectus vs. Kangping Technology Co | Jiangsu Bioperfectus vs. Niutech Environment Technology | Jiangsu Bioperfectus vs. Jinhe Biotechnology Co |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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