Correlation Between China Nonferrous and Jiajia Food
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By analyzing existing cross correlation between China Nonferrous Metal and Jiajia Food Group, you can compare the effects of market volatilities on China Nonferrous and Jiajia Food 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 China Nonferrous with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Nonferrous and Jiajia Food.
Diversification Opportunities for China Nonferrous and Jiajia Food
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Jiajia is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding China Nonferrous Metal and Jiajia Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiajia Food Group and China Nonferrous 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 China Nonferrous Metal are associated (or correlated) with Jiajia Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiajia Food Group has no effect on the direction of China Nonferrous i.e., China Nonferrous and Jiajia Food go up and down completely randomly.
Pair Corralation between China Nonferrous and Jiajia Food
Assuming the 90 days trading horizon China Nonferrous Metal is expected to generate 0.55 times more return on investment than Jiajia Food. However, China Nonferrous Metal is 1.81 times less risky than Jiajia Food. It trades about -0.22 of its potential returns per unit of risk. Jiajia Food Group is currently generating about -0.36 per unit of risk. If you would invest 513.00 in China Nonferrous Metal on October 16, 2024 and sell it today you would lose (36.00) from holding China Nonferrous Metal or give up 7.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Nonferrous Metal vs. Jiajia Food Group
Performance |
| Timeline |
| China Nonferrous Metal |
| Jiajia Food Group |
China Nonferrous and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Nonferrous and Jiajia Food
The main advantage of trading using opposite China Nonferrous and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Nonferrous position performs unexpectedly, Jiajia Food 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 Jiajia Food will offset losses from the drop in Jiajia Food's long position.| China Nonferrous vs. Humanwell Healthcare Group | China Nonferrous vs. Yunnan Jianzhijia Health Chain | China Nonferrous vs. Shandong Sinoglory Health | China Nonferrous vs. Fujian Longzhou Transportation |
| Jiajia Food vs. Xinjiang Beixin RoadBridge | Jiajia Food vs. Highbroad Advanced Material | Jiajia Food vs. Silkroad Visual Technology | Jiajia Food vs. Dazhong Transportation Group |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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