Correlation Between Henan Shuanghui and Jiajia Food
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By analyzing existing cross correlation between Henan Shuanghui Investment and Jiajia Food Group, you can compare the effects of market volatilities on Henan Shuanghui 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 Henan Shuanghui with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Henan Shuanghui and Jiajia Food.
Diversification Opportunities for Henan Shuanghui and Jiajia Food
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Henan and Jiajia is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Henan Shuanghui Investment 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 Henan Shuanghui 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 Henan Shuanghui Investment 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 Henan Shuanghui i.e., Henan Shuanghui and Jiajia Food go up and down completely randomly.
Pair Corralation between Henan Shuanghui and Jiajia Food
Assuming the 90 days trading horizon Henan Shuanghui Investment is expected to generate 0.29 times more return on investment than Jiajia Food. However, Henan Shuanghui Investment is 3.42 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 -0.2 per unit of risk. If you would invest 2,612 in Henan Shuanghui Investment on October 17, 2024 and sell it today you would lose (111.00) from holding Henan Shuanghui Investment or give up 4.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Henan Shuanghui Investment vs. Jiajia Food Group
Performance |
| Timeline |
| Henan Shuanghui Inve |
| Jiajia Food Group |
Henan Shuanghui and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Henan Shuanghui and Jiajia Food
The main advantage of trading using opposite Henan Shuanghui and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Henan Shuanghui 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.| Henan Shuanghui vs. Hunan TV Broadcast | Henan Shuanghui vs. Tongyu Communication | Henan Shuanghui vs. China Mobile Limited | Henan Shuanghui vs. Iat Automobile Technology |
| Jiajia Food vs. Orinko Advanced Plastics | Jiajia Food vs. Chongqing Sulian Plastic | Jiajia Food vs. Ningxia Building Materials | Jiajia Food vs. Henan Shuanghui Investment |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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