Correlation Between Ningbo MedicalSystem and Xiamen Jihong
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By analyzing existing cross correlation between Ningbo MedicalSystem Biotechnology and Xiamen Jihong Package, you can compare the effects of market volatilities on Ningbo MedicalSystem and Xiamen Jihong 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 Ningbo MedicalSystem with a short position of Xiamen Jihong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo MedicalSystem and Xiamen Jihong.
Diversification Opportunities for Ningbo MedicalSystem and Xiamen Jihong
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ningbo and Xiamen is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo MedicalSystem Biotechno and Xiamen Jihong Package in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Jihong Package and Ningbo MedicalSystem 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 Ningbo MedicalSystem Biotechnology are associated (or correlated) with Xiamen Jihong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Jihong Package has no effect on the direction of Ningbo MedicalSystem i.e., Ningbo MedicalSystem and Xiamen Jihong go up and down completely randomly.
Pair Corralation between Ningbo MedicalSystem and Xiamen Jihong
Assuming the 90 days trading horizon Ningbo MedicalSystem Biotechnology is expected to under-perform the Xiamen Jihong. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo MedicalSystem Biotechnology is 2.41 times less risky than Xiamen Jihong. The stock trades about -0.07 of its potential returns per unit of risk. The Xiamen Jihong Package is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 1,678 in Xiamen Jihong Package on September 7, 2025 and sell it today you would lose (33.00) from holding Xiamen Jihong Package or give up 1.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo MedicalSystem Biotechno vs. Xiamen Jihong Package
Performance |
| Timeline |
| Ningbo MedicalSystem |
| Xiamen Jihong Package |
Ningbo MedicalSystem and Xiamen Jihong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo MedicalSystem and Xiamen Jihong
The main advantage of trading using opposite Ningbo MedicalSystem and Xiamen Jihong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo MedicalSystem position performs unexpectedly, Xiamen Jihong 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 Xiamen Jihong will offset losses from the drop in Xiamen Jihong's long position.| Ningbo MedicalSystem vs. Maxvision Technology Corp | Ningbo MedicalSystem vs. Sinosteel Engineering and | Ningbo MedicalSystem vs. Bangyan Technology Co | Ningbo MedicalSystem vs. Dhc Software Co |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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