Correlation Between Wearable Health and JIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both Wearable Health and JIN MEDICAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Wearable Health and JIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wearable Health Solutions and JIN MEDICAL INTERNATIONAL, you can compare the effects of market volatilities on Wearable Health and JIN MEDICAL 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 Wearable Health with a short position of JIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wearable Health and JIN MEDICAL.
Diversification Opportunities for Wearable Health and JIN MEDICAL
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wearable and JIN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wearable Health Solutions and JIN MEDICAL INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIN MEDICAL INTERNATIONAL and Wearable Health 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 Wearable Health Solutions are associated (or correlated) with JIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIN MEDICAL INTERNATIONAL has no effect on the direction of Wearable Health i.e., Wearable Health and JIN MEDICAL go up and down completely randomly.
Pair Corralation between Wearable Health and JIN MEDICAL
Given the investment horizon of 90 days Wearable Health Solutions is expected to under-perform the JIN MEDICAL. In addition to that, Wearable Health is 1.54 times more volatile than JIN MEDICAL INTERNATIONAL. It trades about -0.04 of its total potential returns per unit of risk. JIN MEDICAL INTERNATIONAL is currently generating about -0.05 per unit of volatility. If you would invest 274.00 in JIN MEDICAL INTERNATIONAL on August 29, 2024 and sell it today you would lose (176.00) from holding JIN MEDICAL INTERNATIONAL or give up 64.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wearable Health Solutions vs. JIN MEDICAL INTERNATIONAL
Performance |
| Timeline |
| Wearable Health Solutions |
| JIN MEDICAL INTERNATIONAL |
Wearable Health and JIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wearable Health and JIN MEDICAL
The main advantage of trading using opposite Wearable Health and JIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wearable Health position performs unexpectedly, JIN MEDICAL 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 JIN MEDICAL will offset losses from the drop in JIN MEDICAL's long position.| Wearable Health vs. CeCors Inc | Wearable Health vs. Innerscope Advertising Agency | Wearable Health vs. Tevano Systems Holdings | Wearable Health vs. Utah Medical Products |
| JIN MEDICAL vs. Femasys | JIN MEDICAL vs. Sharps Technology Warrant | JIN MEDICAL vs. GlucoTrack | JIN MEDICAL vs. Walt Disney |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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