Correlation Between Haoxiangni Jujube and Panda Dairy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Haoxiangni Jujube Co and Panda Dairy Corp, you can compare the effects of market volatilities on Haoxiangni Jujube and Panda Dairy 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 Haoxiangni Jujube with a short position of Panda Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Panda Dairy.
Diversification Opportunities for Haoxiangni Jujube and Panda Dairy
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Haoxiangni and Panda is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Panda Dairy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Dairy Corp and Haoxiangni Jujube 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 Haoxiangni Jujube Co are associated (or correlated) with Panda Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Dairy Corp has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Panda Dairy go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Panda Dairy
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 0.87 times more return on investment than Panda Dairy. However, Haoxiangni Jujube Co is 1.14 times less risky than Panda Dairy. It trades about 0.03 of its potential returns per unit of risk. Panda Dairy Corp is currently generating about 0.02 per unit of risk. If you would invest 634.00 in Haoxiangni Jujube Co on October 12, 2024 and sell it today you would earn a total of 130.00 from holding Haoxiangni Jujube Co or generate 20.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Panda Dairy Corp
Performance |
| Timeline |
| Haoxiangni Jujube |
| Panda Dairy Corp |
Haoxiangni Jujube and Panda Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Panda Dairy
The main advantage of trading using opposite Haoxiangni Jujube and Panda Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Panda Dairy 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 Panda Dairy will offset losses from the drop in Panda Dairy's long position.| Haoxiangni Jujube vs. Panda Dairy Corp | Haoxiangni Jujube vs. Lecron Energy Saving | Haoxiangni Jujube vs. Jiangsu Financial Leasing | Haoxiangni Jujube vs. Great Sun Foods Co |
| Panda Dairy vs. Guotai Epoint Software | Panda Dairy vs. FSPG Hi Tech Co | Panda Dairy vs. Digiwin Software Co | Panda Dairy vs. Ping An Insurance |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Stocks Directory Find actively traded stocks across global markets |