Correlation Between Changchun BCHT and Jinhe Biotechnology
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By analyzing existing cross correlation between Changchun BCHT Biotechnology and Jinhe Biotechnology Co, you can compare the effects of market volatilities on Changchun BCHT and Jinhe 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 Changchun BCHT with a short position of Jinhe Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Changchun BCHT and Jinhe Biotechnology.
Diversification Opportunities for Changchun BCHT and Jinhe Biotechnology
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Changchun and Jinhe is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Changchun BCHT Biotechnology and Jinhe Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhe Biotechnology and Changchun BCHT 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 Changchun BCHT Biotechnology are associated (or correlated) with Jinhe Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhe Biotechnology has no effect on the direction of Changchun BCHT i.e., Changchun BCHT and Jinhe Biotechnology go up and down completely randomly.
Pair Corralation between Changchun BCHT and Jinhe Biotechnology
Assuming the 90 days trading horizon Changchun BCHT Biotechnology is expected to generate 1.01 times more return on investment than Jinhe Biotechnology. However, Changchun BCHT is 1.01 times more volatile than Jinhe Biotechnology Co. It trades about -0.12 of its potential returns per unit of risk. Jinhe Biotechnology Co is currently generating about -0.15 per unit of risk. If you would invest 2,314 in Changchun BCHT Biotechnology on September 11, 2025 and sell it today you would lose (262.00) from holding Changchun BCHT Biotechnology or give up 11.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Changchun BCHT Biotechnology vs. Jinhe Biotechnology Co
Performance |
| Timeline |
| Changchun BCHT Biote |
| Jinhe Biotechnology |
Changchun BCHT and Jinhe Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Changchun BCHT and Jinhe Biotechnology
The main advantage of trading using opposite Changchun BCHT and Jinhe Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Changchun BCHT position performs unexpectedly, Jinhe 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 Jinhe Biotechnology will offset losses from the drop in Jinhe Biotechnology's long position.| Changchun BCHT vs. Kweichow Moutai Co | Changchun BCHT vs. Contemporary Amperex Technology | Changchun BCHT vs. Zhejiang CFMoto Power | Changchun BCHT vs. Anhui Gujing Distillery |
| Jinhe Biotechnology vs. Kweichow Moutai Co | Jinhe Biotechnology vs. Contemporary Amperex Technology | Jinhe Biotechnology vs. Zhejiang CFMoto Power | Jinhe Biotechnology vs. Anhui Gujing Distillery |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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