Correlation Between JIN MEDICAL and LENSAR
Can any of the company-specific risk be diversified away by investing in both JIN MEDICAL and LENSAR 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 JIN MEDICAL and LENSAR into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JIN MEDICAL INTERNATIONAL and LENSAR Inc, you can compare the effects of market volatilities on JIN MEDICAL and LENSAR 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 JIN MEDICAL with a short position of LENSAR. Check out your portfolio center. Please also check ongoing floating volatility patterns of JIN MEDICAL and LENSAR.
Diversification Opportunities for JIN MEDICAL and LENSAR
-0.91 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JIN and LENSAR is -0.91. Overlapping area represents the amount of risk that can be diversified away by holding JIN MEDICAL INTERNATIONAL and LENSAR Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LENSAR Inc and JIN 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 JIN MEDICAL INTERNATIONAL are associated (or correlated) with LENSAR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LENSAR Inc has no effect on the direction of JIN MEDICAL i.e., JIN MEDICAL and LENSAR go up and down completely randomly.
Pair Corralation between JIN MEDICAL and LENSAR
Given the investment horizon of 90 days JIN MEDICAL INTERNATIONAL is expected to under-perform the LENSAR. In addition to that, JIN MEDICAL is 1.22 times more volatile than LENSAR Inc. It trades about -0.59 of its total potential returns per unit of risk. LENSAR Inc is currently generating about 0.31 per unit of volatility. If you would invest 560.00 in LENSAR Inc on August 29, 2024 and sell it today you would earn a total of 209.00 from holding LENSAR Inc or generate 37.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JIN MEDICAL INTERNATIONAL vs. LENSAR Inc
Performance |
| Timeline |
| JIN MEDICAL INTERNATIONAL |
| LENSAR Inc |
JIN MEDICAL and LENSAR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JIN MEDICAL and LENSAR
The main advantage of trading using opposite JIN MEDICAL and LENSAR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JIN MEDICAL position performs unexpectedly, LENSAR 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 LENSAR will offset losses from the drop in LENSAR's long position.| JIN MEDICAL vs. Femasys | JIN MEDICAL vs. Sharps Technology Warrant | JIN MEDICAL vs. GlucoTrack | JIN MEDICAL vs. Walt Disney |
| LENSAR vs. Edwards Lifesciences Corp | LENSAR vs. Outset Medical | LENSAR vs. Venus Concept | LENSAR vs. DexCom Inc |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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