Correlation Between JD and Milestone Scientific
Can any of the company-specific risk be diversified away by investing in both JD and Milestone Scientific 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 JD and Milestone Scientific into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JD Inc Adr and Milestone Scientific, you can compare the effects of market volatilities on JD and Milestone Scientific 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 JD with a short position of Milestone Scientific. Check out your portfolio center. Please also check ongoing floating volatility patterns of JD and Milestone Scientific.
Diversification Opportunities for JD and Milestone Scientific
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JD and Milestone is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding JD Inc Adr and Milestone Scientific in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Milestone Scientific and JD 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 JD Inc Adr are associated (or correlated) with Milestone Scientific. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Milestone Scientific has no effect on the direction of JD i.e., JD and Milestone Scientific go up and down completely randomly.
Pair Corralation between JD and Milestone Scientific
Allowing for the 90-day total investment horizon JD Inc Adr is expected to generate 0.49 times more return on investment than Milestone Scientific. However, JD Inc Adr is 2.05 times less risky than Milestone Scientific. It trades about -0.03 of its potential returns per unit of risk. Milestone Scientific is currently generating about -0.2 per unit of risk. If you would invest 3,082 in JD Inc Adr on August 27, 2025 and sell it today you would lose (168.00) from holding JD Inc Adr or give up 5.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JD Inc Adr vs. Milestone Scientific
Performance |
| Timeline |
| JD Inc Adr |
| Milestone Scientific |
JD and Milestone Scientific Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JD and Milestone Scientific
The main advantage of trading using opposite JD and Milestone Scientific positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JD position performs unexpectedly, Milestone Scientific 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 Milestone Scientific will offset losses from the drop in Milestone Scientific's long position.| JD vs. Fuquan Capital Management | JD vs. Where Food Comes | JD vs. CTPartners Executive Search | JD vs. Gex Management |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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