Correlation Between Easyhome New and Jiajia Food
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By analyzing existing cross correlation between Easyhome New Retail and Jiajia Food Group, you can compare the effects of market volatilities on Easyhome New 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 Easyhome New with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Jiajia Food.
Diversification Opportunities for Easyhome New and Jiajia Food
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Easyhome and Jiajia is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail 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 Easyhome New 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 Easyhome New Retail 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 Easyhome New i.e., Easyhome New and Jiajia Food go up and down completely randomly.
Pair Corralation between Easyhome New and Jiajia Food
Assuming the 90 days trading horizon Easyhome New Retail is expected to under-perform the Jiajia Food. But the stock apears to be less risky and, when comparing its historical volatility, Easyhome New Retail is 1.3 times less risky than Jiajia Food. The stock trades about -0.02 of its potential returns per unit of risk. The Jiajia Food Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 440.00 in Jiajia Food Group on August 27, 2024 and sell it today you would lose (22.00) from holding Jiajia Food Group or give up 5.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Jiajia Food Group
Performance |
| Timeline |
| Easyhome New Retail |
| Jiajia Food Group |
Easyhome New and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Jiajia Food
The main advantage of trading using opposite Easyhome New and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New 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.| Easyhome New vs. China Petroleum Chemical | Easyhome New vs. PetroChina Co Ltd | Easyhome New vs. China State Construction | Easyhome New vs. China Railway Group |
| Jiajia Food vs. China Petroleum Chemical | Jiajia Food vs. PetroChina Co Ltd | Jiajia Food vs. China State Construction | Jiajia Food vs. China Railway 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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