Correlation Between Jiangsu Bioperfectus and Guangzhou Jiacheng
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By analyzing existing cross correlation between Jiangsu Bioperfectus Technologies and Guangzhou Jiacheng, you can compare the effects of market volatilities on Jiangsu Bioperfectus and Guangzhou Jiacheng 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 Guangzhou Jiacheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Bioperfectus and Guangzhou Jiacheng.
Diversification Opportunities for Jiangsu Bioperfectus and Guangzhou Jiacheng
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiangsu and Guangzhou is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Bioperfectus Technolog and Guangzhou Jiacheng in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jiacheng 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 Guangzhou Jiacheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jiacheng has no effect on the direction of Jiangsu Bioperfectus i.e., Jiangsu Bioperfectus and Guangzhou Jiacheng go up and down completely randomly.
Pair Corralation between Jiangsu Bioperfectus and Guangzhou Jiacheng
Assuming the 90 days trading horizon Jiangsu Bioperfectus Technologies is expected to generate 0.85 times more return on investment than Guangzhou Jiacheng. However, Jiangsu Bioperfectus Technologies is 1.17 times less risky than Guangzhou Jiacheng. It trades about -0.01 of its potential returns per unit of risk. Guangzhou Jiacheng is currently generating about -0.01 per unit of risk. If you would invest 8,839 in Jiangsu Bioperfectus Technologies on December 5, 2024 and sell it today you would lose (2,114) from holding Jiangsu Bioperfectus Technologies or give up 23.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Bioperfectus Technolog vs. Guangzhou Jiacheng
Performance |
| Timeline |
| Jiangsu Bioperfectus |
| Guangzhou Jiacheng |
Jiangsu Bioperfectus and Guangzhou Jiacheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Bioperfectus and Guangzhou Jiacheng
The main advantage of trading using opposite Jiangsu Bioperfectus and Guangzhou Jiacheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Bioperfectus position performs unexpectedly, Guangzhou Jiacheng 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 Guangzhou Jiacheng will offset losses from the drop in Guangzhou Jiacheng's long position.| Jiangsu Bioperfectus vs. Aluminum Corp of | ||
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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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