Correlation Between Qingdao NovelBeam and Jafron Biomedical
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By analyzing existing cross correlation between Qingdao NovelBeam Technology and Jafron Biomedical Co, you can compare the effects of market volatilities on Qingdao NovelBeam and Jafron Biomedical 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 Qingdao NovelBeam with a short position of Jafron Biomedical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qingdao NovelBeam and Jafron Biomedical.
Diversification Opportunities for Qingdao NovelBeam and Jafron Biomedical
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Qingdao and Jafron is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Qingdao NovelBeam Technology and Jafron Biomedical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jafron Biomedical and Qingdao NovelBeam 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 Qingdao NovelBeam Technology are associated (or correlated) with Jafron Biomedical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jafron Biomedical has no effect on the direction of Qingdao NovelBeam i.e., Qingdao NovelBeam and Jafron Biomedical go up and down completely randomly.
Pair Corralation between Qingdao NovelBeam and Jafron Biomedical
Assuming the 90 days trading horizon Qingdao NovelBeam Technology is expected to under-perform the Jafron Biomedical. In addition to that, Qingdao NovelBeam is 1.09 times more volatile than Jafron Biomedical Co. It trades about -0.07 of its total potential returns per unit of risk. Jafron Biomedical Co is currently generating about -0.03 per unit of volatility. If you would invest 3,112 in Jafron Biomedical Co on September 1, 2024 and sell it today you would lose (64.00) from holding Jafron Biomedical Co or give up 2.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Qingdao NovelBeam Technology vs. Jafron Biomedical Co
Performance |
| Timeline |
| Qingdao NovelBeam |
| Jafron Biomedical |
Qingdao NovelBeam and Jafron Biomedical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qingdao NovelBeam and Jafron Biomedical
The main advantage of trading using opposite Qingdao NovelBeam and Jafron Biomedical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qingdao NovelBeam position performs unexpectedly, Jafron Biomedical 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 Jafron Biomedical will offset losses from the drop in Jafron Biomedical's long position.| Qingdao NovelBeam vs. Penyao Environmental Protection | Qingdao NovelBeam vs. Impulse Qingdao Health | Qingdao NovelBeam vs. Heren Health Co | Qingdao NovelBeam vs. Meinian Onehealth Healthcare |
| Jafron Biomedical vs. Nanjing Putian Telecommunications | Jafron Biomedical vs. Shenzhen Hifuture Electric | Jafron Biomedical vs. Tianjin Realty Development | Jafron Biomedical vs. Shenyang Huitian Thermal |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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