Correlation Between Jinsanjiang Silicon and Maccura Biotechnology
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Maccura Biotechnology Co, you can compare the effects of market volatilities on Jinsanjiang Silicon 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 Jinsanjiang Silicon with a short position of Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Maccura Biotechnology.
Diversification Opportunities for Jinsanjiang Silicon and Maccura Biotechnology
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinsanjiang and Maccura is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology and Jinsanjiang Silicon 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 Jinsanjiang Silicon Material 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 Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Maccura Biotechnology
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to generate 2.63 times more return on investment than Maccura Biotechnology. However, Jinsanjiang Silicon is 2.63 times more volatile than Maccura Biotechnology Co. It trades about 0.2 of its potential returns per unit of risk. Maccura Biotechnology Co is currently generating about -0.12 per unit of risk. If you would invest 1,111 in Jinsanjiang Silicon Material on September 25, 2024 and sell it today you would earn a total of 148.00 from holding Jinsanjiang Silicon Material or generate 13.32% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Jinsanjiang Silicon Material vs. Maccura Biotechnology Co
Performance |
Timeline |
Jinsanjiang Silicon |
Maccura Biotechnology |
Jinsanjiang Silicon and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jinsanjiang Silicon and Maccura Biotechnology
The main advantage of trading using opposite Jinsanjiang Silicon and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon 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.Jinsanjiang Silicon vs. Zijin Mining Group | Jinsanjiang Silicon vs. Wanhua Chemical Group | Jinsanjiang Silicon vs. Baoshan Iron Steel | Jinsanjiang Silicon vs. Shandong Gold Mining |
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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