Correlation Between GlucoTrack and JIN MEDICAL
Can any of the company-specific risk be diversified away by investing in both GlucoTrack and JIN MEDICAL at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GlucoTrack and JIN MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GlucoTrack and JIN MEDICAL INTERNATIONAL, you can compare the effects of market volatilities on GlucoTrack and JIN MEDICAL 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 GlucoTrack with a short position of JIN MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of GlucoTrack and JIN MEDICAL.
Diversification Opportunities for GlucoTrack and JIN MEDICAL
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between GlucoTrack and JIN is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding GlucoTrack and JIN MEDICAL INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIN MEDICAL INTERNATIONAL and GlucoTrack 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 GlucoTrack are associated (or correlated) with JIN MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIN MEDICAL INTERNATIONAL has no effect on the direction of GlucoTrack i.e., GlucoTrack and JIN MEDICAL go up and down completely randomly.
Pair Corralation between GlucoTrack and JIN MEDICAL
Given the investment horizon of 90 days GlucoTrack is expected to under-perform the JIN MEDICAL. In addition to that, GlucoTrack is 2.45 times more volatile than JIN MEDICAL INTERNATIONAL. It trades about -0.21 of its total potential returns per unit of risk. JIN MEDICAL INTERNATIONAL is currently generating about -0.21 per unit of volatility. If you would invest 80.00 in JIN MEDICAL INTERNATIONAL on March 17, 2025 and sell it today you would lose (12.00) from holding JIN MEDICAL INTERNATIONAL or give up 15.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GlucoTrack vs. JIN MEDICAL INTERNATIONAL
Performance |
| Timeline |
| GlucoTrack |
| JIN MEDICAL INTERNATIONAL |
GlucoTrack and JIN MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GlucoTrack and JIN MEDICAL
The main advantage of trading using opposite GlucoTrack and JIN MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GlucoTrack position performs unexpectedly, JIN MEDICAL 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 JIN MEDICAL will offset losses from the drop in JIN MEDICAL's long position.| GlucoTrack vs. Nexgel Inc | GlucoTrack vs. Sharps Technology | GlucoTrack vs. Innovative Eyewear | GlucoTrack vs. Predictive Oncology |
| JIN MEDICAL vs. Reservoir Media | JIN MEDICAL vs. KVH Industries | JIN MEDICAL vs. BioNTech SE | JIN MEDICAL vs. Uber Technologies |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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