Correlation Between Jiangsu GDK and Maccura Biotechnology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu GDK Biotechnology and Maccura Biotechnology Co, you can compare the effects of market volatilities on Jiangsu GDK and Maccura Biotechnology 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 GDK with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu GDK and Maccura Biotechnology.
Diversification Opportunities for Jiangsu GDK and Maccura Biotechnology
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangsu and Maccura is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu GDK Biotechnology and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Jiangsu GDK 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 GDK Biotechnology are associated (or correlated) with Maccura Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maccura Biotechnology has no effect on the direction of Jiangsu GDK i.e., Jiangsu GDK and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Jiangsu GDK and Maccura Biotechnology
Assuming the 90 days trading horizon Jiangsu GDK Biotechnology is expected to under-perform the Maccura Biotechnology. In addition to that, Jiangsu GDK is 1.53 times more volatile than Maccura Biotechnology Co. It trades about -0.04 of its total potential returns per unit of risk. Maccura Biotechnology Co is currently generating about 0.02 per unit of volatility. If you would invest 1,220 in Maccura Biotechnology Co on December 2, 2024 and sell it today you would earn a total of 64.00 from holding Maccura Biotechnology Co or generate 5.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu GDK Biotechnology vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Jiangsu GDK Biotechnology |
| Maccura Biotechnology |
Jiangsu GDK and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu GDK and Maccura Biotechnology
The main advantage of trading using opposite Jiangsu GDK and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu GDK position performs unexpectedly, Maccura Biotechnology 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 Maccura Biotechnology will offset losses from the drop in Maccura Biotechnology's long position.| Jiangsu GDK vs. Chengdu Spaceon Electronics | Jiangsu GDK vs. Biwin Storage Technology | Jiangsu GDK vs. YLZ Information Tech | Jiangsu GDK vs. Shenzhen SDG Information |
| Maccura Biotechnology vs. CICC Fund Management | Maccura Biotechnology vs. JCHX Mining Management | Maccura Biotechnology vs. Sanbo Hospital Management | Maccura Biotechnology vs. Beijing Balance Medical |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |