Correlation Between Jiangsu Bioperfectus and Fujian Nanwang
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By analyzing existing cross correlation between Jiangsu Bioperfectus Technologies and Fujian Nanwang Environment, you can compare the effects of market volatilities on Jiangsu Bioperfectus and Fujian Nanwang 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 Fujian Nanwang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Bioperfectus and Fujian Nanwang.
Diversification Opportunities for Jiangsu Bioperfectus and Fujian Nanwang
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jiangsu and Fujian is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Bioperfectus Technolog and Fujian Nanwang Environment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Nanwang Envir 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 Fujian Nanwang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Nanwang Envir has no effect on the direction of Jiangsu Bioperfectus i.e., Jiangsu Bioperfectus and Fujian Nanwang go up and down completely randomly.
Pair Corralation between Jiangsu Bioperfectus and Fujian Nanwang
Assuming the 90 days trading horizon Jiangsu Bioperfectus Technologies is expected to generate 0.61 times more return on investment than Fujian Nanwang. However, Jiangsu Bioperfectus Technologies is 1.65 times less risky than Fujian Nanwang. It trades about -0.11 of its potential returns per unit of risk. Fujian Nanwang Environment is currently generating about -0.24 per unit of risk. If you would invest 6,630 in Jiangsu Bioperfectus Technologies on October 29, 2024 and sell it today you would lose (293.00) from holding Jiangsu Bioperfectus Technologies or give up 4.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Bioperfectus Technolog vs. Fujian Nanwang Environment
Performance |
| Timeline |
| Jiangsu Bioperfectus |
| Fujian Nanwang Envir |
Jiangsu Bioperfectus and Fujian Nanwang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Bioperfectus and Fujian Nanwang
The main advantage of trading using opposite Jiangsu Bioperfectus and Fujian Nanwang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Bioperfectus position performs unexpectedly, Fujian Nanwang 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 Fujian Nanwang will offset losses from the drop in Fujian Nanwang's long position.| Jiangsu Bioperfectus vs. Xinjiang Baodi Mining | Jiangsu Bioperfectus vs. Chengtun Mining Group | Jiangsu Bioperfectus vs. Shanghai Action Education | Jiangsu Bioperfectus vs. Changjiang Publishing Media |
| Fujian Nanwang vs. Kuang Chi Technologies | Fujian Nanwang vs. Jinhe Biotechnology Co | Fujian Nanwang vs. Kangping Technology Co | Fujian Nanwang vs. Montage Technology Co |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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