Correlation Between Zhejiang JIULI and Beingmate Baby
Specify exactly 2 symbols:
By analyzing existing cross correlation between Zhejiang JIULI Hi tech and Beingmate Baby Child, you can compare the effects of market volatilities on Zhejiang JIULI and Beingmate Baby 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 Zhejiang JIULI with a short position of Beingmate Baby. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang JIULI and Beingmate Baby.
Diversification Opportunities for Zhejiang JIULI and Beingmate Baby
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zhejiang and Beingmate is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang JIULI Hi tech and Beingmate Baby Child in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beingmate Baby Child and Zhejiang JIULI 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 Zhejiang JIULI Hi tech are associated (or correlated) with Beingmate Baby. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beingmate Baby Child has no effect on the direction of Zhejiang JIULI i.e., Zhejiang JIULI and Beingmate Baby go up and down completely randomly.
Pair Corralation between Zhejiang JIULI and Beingmate Baby
Assuming the 90 days trading horizon Zhejiang JIULI Hi tech is expected to generate 0.34 times more return on investment than Beingmate Baby. However, Zhejiang JIULI Hi tech is 2.94 times less risky than Beingmate Baby. It trades about 0.06 of its potential returns per unit of risk. Beingmate Baby Child is currently generating about -0.06 per unit of risk. If you would invest 2,360 in Zhejiang JIULI Hi tech on October 26, 2024 and sell it today you would earn a total of 75.00 from holding Zhejiang JIULI Hi tech or generate 3.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang JIULI Hi tech vs. Beingmate Baby Child
Performance |
| Timeline |
| Zhejiang JIULI Hi |
| Beingmate Baby Child |
Zhejiang JIULI and Beingmate Baby Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang JIULI and Beingmate Baby
The main advantage of trading using opposite Zhejiang JIULI and Beingmate Baby positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang JIULI position performs unexpectedly, Beingmate Baby 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 Beingmate Baby will offset losses from the drop in Beingmate Baby's long position.| Zhejiang JIULI vs. Shuhua Sports Co | Zhejiang JIULI vs. Shenzhen AV Display Co | Zhejiang JIULI vs. Easyhome New Retail | Zhejiang JIULI vs. Shanghai Yaoji Playing |
| Beingmate Baby vs. Kweichow Moutai Co | Beingmate Baby vs. Contemporary Amperex Technology | Beingmate Baby vs. G bits Network Technology | Beingmate Baby vs. Beijing Roborock Technology |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |