Correlation Between HOB Biotech and Jiangsu Seagull
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By analyzing existing cross correlation between HOB Biotech Group and Jiangsu Seagull Cooling, you can compare the effects of market volatilities on HOB Biotech and Jiangsu Seagull 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 HOB Biotech with a short position of Jiangsu Seagull. Check out your portfolio center. Please also check ongoing floating volatility patterns of HOB Biotech and Jiangsu Seagull.
Diversification Opportunities for HOB Biotech and Jiangsu Seagull
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between HOB and Jiangsu is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding HOB Biotech Group and Jiangsu Seagull Cooling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Seagull Cooling and HOB Biotech 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 HOB Biotech Group are associated (or correlated) with Jiangsu Seagull. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Seagull Cooling has no effect on the direction of HOB Biotech i.e., HOB Biotech and Jiangsu Seagull go up and down completely randomly.
Pair Corralation between HOB Biotech and Jiangsu Seagull
Assuming the 90 days trading horizon HOB Biotech Group is expected to under-perform the Jiangsu Seagull. But the stock apears to be less risky and, when comparing its historical volatility, HOB Biotech Group is 1.25 times less risky than Jiangsu Seagull. The stock trades about -0.27 of its potential returns per unit of risk. The Jiangsu Seagull Cooling is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 985.00 in Jiangsu Seagull Cooling on October 22, 2024 and sell it today you would earn a total of 122.00 from holding Jiangsu Seagull Cooling or generate 12.39% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
HOB Biotech Group vs. Jiangsu Seagull Cooling
Performance |
Timeline |
HOB Biotech Group |
Jiangsu Seagull Cooling |
HOB Biotech and Jiangsu Seagull Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HOB Biotech and Jiangsu Seagull
The main advantage of trading using opposite HOB Biotech and Jiangsu Seagull positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HOB Biotech position performs unexpectedly, Jiangsu Seagull 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 Jiangsu Seagull will offset losses from the drop in Jiangsu Seagull's long position.HOB Biotech vs. New Hope Dairy | HOB Biotech vs. Zhongjing Food Co | HOB Biotech vs. Guangdong Wens Foodstuff | HOB Biotech vs. Shantou Wanshun Package |
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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