Correlation Between Jinyu Bio and Eastern Air
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By analyzing existing cross correlation between Jinyu Bio Technology Co and Eastern Air Logistics, you can compare the effects of market volatilities on Jinyu Bio and Eastern Air 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 Jinyu Bio with a short position of Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinyu Bio and Eastern Air.
Diversification Opportunities for Jinyu Bio and Eastern Air
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinyu and Eastern is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Jinyu Bio Technology Co and Eastern Air Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Air Logistics and Jinyu Bio 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 Jinyu Bio Technology Co are associated (or correlated) with Eastern Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Air Logistics has no effect on the direction of Jinyu Bio i.e., Jinyu Bio and Eastern Air go up and down completely randomly.
Pair Corralation between Jinyu Bio and Eastern Air
Assuming the 90 days trading horizon Jinyu Bio Technology Co is expected to generate 1.17 times more return on investment than Eastern Air. However, Jinyu Bio is 1.17 times more volatile than Eastern Air Logistics. It trades about 0.21 of its potential returns per unit of risk. Eastern Air Logistics is currently generating about 0.1 per unit of risk. If you would invest 567.00 in Jinyu Bio Technology Co on September 16, 2024 and sell it today you would earn a total of 217.00 from holding Jinyu Bio Technology Co or generate 38.27% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Jinyu Bio Technology Co vs. Eastern Air Logistics
Performance |
Timeline |
Jinyu Bio Technology |
Eastern Air Logistics |
Jinyu Bio and Eastern Air Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jinyu Bio and Eastern Air
The main advantage of trading using opposite Jinyu Bio and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinyu Bio position performs unexpectedly, Eastern Air 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 Eastern Air will offset losses from the drop in Eastern Air's long position.Jinyu Bio vs. Industrial and Commercial | Jinyu Bio vs. China Construction Bank | Jinyu Bio vs. Bank of China | Jinyu Bio vs. Agricultural Bank of |
Eastern Air vs. Cultural Investment Holdings | Eastern Air vs. Gome Telecom Equipment | Eastern Air vs. Holitech Technology Co | Eastern Air vs. Zotye Automobile Co |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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