Correlation Between Poly Real and Jafron Biomedical
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By analyzing existing cross correlation between Poly Real Estate and Jafron Biomedical Co, you can compare the effects of market volatilities on Poly Real 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 Poly Real with a short position of Jafron Biomedical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Poly Real and Jafron Biomedical.
Diversification Opportunities for Poly Real and Jafron Biomedical
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Poly and Jafron is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Poly Real Estate and Jafron Biomedical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jafron Biomedical and Poly Real 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 Poly Real Estate 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 Poly Real i.e., Poly Real and Jafron Biomedical go up and down completely randomly.
Pair Corralation between Poly Real and Jafron Biomedical
Assuming the 90 days trading horizon Poly Real Estate is expected to generate 0.85 times more return on investment than Jafron Biomedical. However, Poly Real Estate is 1.18 times less risky than Jafron Biomedical. It trades about 0.16 of its potential returns per unit of risk. Jafron Biomedical Co is currently generating about 0.11 per unit of risk. If you would invest 769.00 in Poly Real Estate on September 6, 2024 and sell it today you would earn a total of 242.00 from holding Poly Real Estate or generate 31.47% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Poly Real Estate vs. Jafron Biomedical Co
Performance |
Timeline |
Poly Real Estate |
Jafron Biomedical |
Poly Real and Jafron Biomedical Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Poly Real and Jafron Biomedical
The main advantage of trading using opposite Poly Real and Jafron Biomedical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Poly Real 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.Poly Real vs. Shandong Hi Speed RoadBridge | Poly Real vs. Sichuan Fulin Transportation | Poly Real vs. Sino Platinum Metals Co | Poly Real vs. Guangzhou Restaurants Group |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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