Correlation Between Shenzhen Coship and Jiahe Foods
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By analyzing existing cross correlation between Shenzhen Coship Electronics and Jiahe Foods Industry, you can compare the effects of market volatilities on Shenzhen Coship and Jiahe Foods 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 Shenzhen Coship with a short position of Jiahe Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Coship and Jiahe Foods.
Diversification Opportunities for Shenzhen Coship and Jiahe Foods
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shenzhen and Jiahe is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Coship Electronics and Jiahe Foods Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiahe Foods Industry and Shenzhen Coship 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 Shenzhen Coship Electronics are associated (or correlated) with Jiahe Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiahe Foods Industry has no effect on the direction of Shenzhen Coship i.e., Shenzhen Coship and Jiahe Foods go up and down completely randomly.
Pair Corralation between Shenzhen Coship and Jiahe Foods
Assuming the 90 days trading horizon Shenzhen Coship Electronics is expected to under-perform the Jiahe Foods. In addition to that, Shenzhen Coship is 1.66 times more volatile than Jiahe Foods Industry. It trades about -0.23 of its total potential returns per unit of risk. Jiahe Foods Industry is currently generating about 0.23 per unit of volatility. If you would invest 1,198 in Jiahe Foods Industry on November 5, 2024 and sell it today you would earn a total of 77.00 from holding Jiahe Foods Industry or generate 6.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Coship Electronics vs. Jiahe Foods Industry
Performance |
| Timeline |
| Shenzhen Coship Elec |
| Jiahe Foods Industry |
Shenzhen Coship and Jiahe Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Coship and Jiahe Foods
The main advantage of trading using opposite Shenzhen Coship and Jiahe Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Coship position performs unexpectedly, Jiahe Foods 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 Jiahe Foods will offset losses from the drop in Jiahe Foods' long position.| Shenzhen Coship vs. Xinxiang Chemical Fiber | Shenzhen Coship vs. Vohringer Home Technology | Shenzhen Coship vs. Ziel Home Furnishing | Shenzhen Coship vs. Shenyang Chemical Industry |
| Jiahe Foods vs. Invengo Information Technology | Jiahe Foods vs. Hongrun Construction Group | Jiahe Foods vs. Northking Information Technology | Jiahe Foods vs. Linzhou Heavy Machinery |
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