Correlation Between Xinjiang Beixin and Jiajia Food
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and Jiajia Food Group, you can compare the effects of market volatilities on Xinjiang Beixin 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 Xinjiang Beixin with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and Jiajia Food.
Diversification Opportunities for Xinjiang Beixin and Jiajia Food
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and Jiajia is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge 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 Xinjiang Beixin 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 Xinjiang Beixin RoadBridge 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 Xinjiang Beixin i.e., Xinjiang Beixin and Jiajia Food go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and Jiajia Food
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the Jiajia Food. But the stock apears to be less risky and, when comparing its historical volatility, Xinjiang Beixin RoadBridge is 1.1 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 442.00 in Jiajia Food Group on October 16, 2024 and sell it today you would earn a total of 5.00 from holding Jiajia Food Group or generate 1.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. Jiajia Food Group
Performance |
| Timeline |
| Xinjiang Beixin Road |
| Jiajia Food Group |
Xinjiang Beixin and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and Jiajia Food
The main advantage of trading using opposite Xinjiang Beixin and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin 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.| Xinjiang Beixin vs. Heren Health Co | Xinjiang Beixin vs. Hunan Investment Group | Xinjiang Beixin vs. Zoje Resources Investment | Xinjiang Beixin vs. Tieling Newcity Investment |
| Jiajia Food vs. Xinjiang Beixin RoadBridge | Jiajia Food vs. Highbroad Advanced Material | Jiajia Food vs. Silkroad Visual Technology | Jiajia Food vs. Dazhong Transportation 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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