Correlation Between Jiugui Liquor and JS Corrugating
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By analyzing existing cross correlation between Jiugui Liquor Co and JS Corrugating Machinery, you can compare the effects of market volatilities on Jiugui Liquor and JS Corrugating 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 Jiugui Liquor with a short position of JS Corrugating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiugui Liquor and JS Corrugating.
Diversification Opportunities for Jiugui Liquor and JS Corrugating
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiugui and 000821 is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jiugui Liquor Co and JS Corrugating Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JS Corrugating Machinery and Jiugui Liquor 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 Jiugui Liquor Co are associated (or correlated) with JS Corrugating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JS Corrugating Machinery has no effect on the direction of Jiugui Liquor i.e., Jiugui Liquor and JS Corrugating go up and down completely randomly.
Pair Corralation between Jiugui Liquor and JS Corrugating
Assuming the 90 days trading horizon Jiugui Liquor Co is expected to generate 1.07 times more return on investment than JS Corrugating. However, Jiugui Liquor is 1.07 times more volatile than JS Corrugating Machinery. It trades about 0.21 of its potential returns per unit of risk. JS Corrugating Machinery is currently generating about 0.03 per unit of risk. If you would invest 5,172 in Jiugui Liquor Co on September 5, 2024 and sell it today you would earn a total of 821.00 from holding Jiugui Liquor Co or generate 15.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiugui Liquor Co vs. JS Corrugating Machinery
Performance |
| Timeline |
| Jiugui Liquor |
| JS Corrugating Machinery |
Jiugui Liquor and JS Corrugating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiugui Liquor and JS Corrugating
The main advantage of trading using opposite Jiugui Liquor and JS Corrugating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiugui Liquor position performs unexpectedly, JS Corrugating 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 JS Corrugating will offset losses from the drop in JS Corrugating's long position.| Jiugui Liquor vs. Industrial and Commercial | Jiugui Liquor vs. Agricultural Bank of | Jiugui Liquor vs. China Construction Bank | Jiugui Liquor vs. Bank of China |
| JS Corrugating vs. Jiugui Liquor Co | JS Corrugating vs. HaiXin Foods Co | JS Corrugating vs. Xiwang Foodstuffs Co | JS Corrugating vs. Hainan Airlines Co |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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