Correlation Between Jiangxi Ganfeng and Jiamei Food
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By analyzing existing cross correlation between Jiangxi Ganfeng Lithium and Jiamei Food Packaging, you can compare the effects of market volatilities on Jiangxi Ganfeng and Jiamei 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 Jiangxi Ganfeng with a short position of Jiamei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Ganfeng and Jiamei Food.
Diversification Opportunities for Jiangxi Ganfeng and Jiamei Food
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangxi and Jiamei is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Ganfeng Lithium and Jiamei Food Packaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiamei Food Packaging and Jiangxi Ganfeng 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 Jiangxi Ganfeng Lithium are associated (or correlated) with Jiamei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiamei Food Packaging has no effect on the direction of Jiangxi Ganfeng i.e., Jiangxi Ganfeng and Jiamei Food go up and down completely randomly.
Pair Corralation between Jiangxi Ganfeng and Jiamei Food
Assuming the 90 days trading horizon Jiangxi Ganfeng Lithium is expected to generate 2.53 times more return on investment than Jiamei Food. However, Jiangxi Ganfeng is 2.53 times more volatile than Jiamei Food Packaging. It trades about 0.25 of its potential returns per unit of risk. Jiamei Food Packaging is currently generating about 0.1 per unit of risk. If you would invest 3,426 in Jiangxi Ganfeng Lithium on August 28, 2024 and sell it today you would earn a total of 841.00 from holding Jiangxi Ganfeng Lithium or generate 24.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Ganfeng Lithium vs. Jiamei Food Packaging
Performance |
| Timeline |
| Jiangxi Ganfeng Lithium |
| Jiamei Food Packaging |
Jiangxi Ganfeng and Jiamei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Ganfeng and Jiamei Food
The main advantage of trading using opposite Jiangxi Ganfeng and Jiamei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Ganfeng position performs unexpectedly, Jiamei 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 Jiamei Food will offset losses from the drop in Jiamei Food's long position.| Jiangxi Ganfeng vs. Zhejiang Publishing Media | Jiangxi Ganfeng vs. Tieling Newcity Investment | Jiangxi Ganfeng vs. Harbin Hatou Investment | Jiangxi Ganfeng vs. Beijing Kaiwen Education |
| Jiamei Food vs. Zijin Mining Group | Jiamei Food vs. Wanhua Chemical Group | Jiamei Food vs. Baoshan Iron Steel | Jiamei Food vs. Shandong Gold Mining |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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