Correlation Between Hengkang Medical and Jiajia Food
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By analyzing existing cross correlation between Hengkang Medical Group and Jiajia Food Group, you can compare the effects of market volatilities on Hengkang Medical 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 Hengkang Medical with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hengkang Medical and Jiajia Food.
Diversification Opportunities for Hengkang Medical and Jiajia Food
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hengkang and Jiajia is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Hengkang Medical Group 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 Hengkang Medical 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 Hengkang Medical Group 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 Hengkang Medical i.e., Hengkang Medical and Jiajia Food go up and down completely randomly.
Pair Corralation between Hengkang Medical and Jiajia Food
Assuming the 90 days trading horizon Hengkang Medical Group is expected to under-perform the Jiajia Food. But the stock apears to be less risky and, when comparing its historical volatility, Hengkang Medical Group is 1.2 times less risky than Jiajia Food. The stock trades about -0.09 of its potential returns per unit of risk. The Jiajia Food Group is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 484.00 in Jiajia Food Group on November 3, 2024 and sell it today you would lose (11.00) from holding Jiajia Food Group or give up 2.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hengkang Medical Group vs. Jiajia Food Group
Performance |
| Timeline |
| Hengkang Medical |
| Jiajia Food Group |
Hengkang Medical and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hengkang Medical and Jiajia Food
The main advantage of trading using opposite Hengkang Medical and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hengkang Medical 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.| Hengkang Medical vs. East Money Information | Hengkang Medical vs. Tibet Huayu Mining | Hengkang Medical vs. Guangzhou Ruoyuchen Information | Hengkang Medical vs. Wonders Information |
| Jiajia Food vs. Shanghai Action Education | Jiajia Food vs. Qtone Education Group | Jiajia Food vs. Jiangsu Phoenix Publishing | Jiajia Food vs. Nanjing Putian Telecommunications |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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