Correlation Between Xiangyu Medical and JS Corrugating
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By analyzing existing cross correlation between Xiangyu Medical Co and JS Corrugating Machinery, you can compare the effects of market volatilities on Xiangyu Medical and JS Corrugating 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 Xiangyu Medical with a short position of JS Corrugating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyu Medical and JS Corrugating.
Diversification Opportunities for Xiangyu Medical and JS Corrugating
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xiangyu and 000821 is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyu Medical Co and JS Corrugating Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JS Corrugating Machinery and Xiangyu 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 Xiangyu Medical Co are associated (or correlated) with JS Corrugating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JS Corrugating Machinery has no effect on the direction of Xiangyu Medical i.e., Xiangyu Medical and JS Corrugating go up and down completely randomly.
Pair Corralation between Xiangyu Medical and JS Corrugating
Assuming the 90 days trading horizon Xiangyu Medical Co is expected to generate 1.99 times more return on investment than JS Corrugating. However, Xiangyu Medical is 1.99 times more volatile than JS Corrugating Machinery. It trades about 0.01 of its potential returns per unit of risk. JS Corrugating Machinery is currently generating about -0.14 per unit of risk. If you would invest 3,149 in Xiangyu Medical Co on September 28, 2024 and sell it today you would lose (16.00) from holding Xiangyu Medical Co or give up 0.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyu Medical Co vs. JS Corrugating Machinery
Performance |
| Timeline |
| Xiangyu Medical |
| JS Corrugating Machinery |
Xiangyu Medical and JS Corrugating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyu Medical and JS Corrugating
The main advantage of trading using opposite Xiangyu Medical and JS Corrugating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyu Medical position performs unexpectedly, JS Corrugating 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 JS Corrugating will offset losses from the drop in JS Corrugating's long position.| Xiangyu Medical vs. New China Life | Xiangyu Medical vs. Ming Yang Smart | Xiangyu Medical vs. 159681 | Xiangyu Medical vs. 159005 |
| JS Corrugating vs. Bank of China | JS Corrugating vs. Kweichow Moutai Co | JS Corrugating vs. PetroChina Co Ltd | JS Corrugating vs. Bank of Communications |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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