Correlation Between Haoxiangni Jujube and Jiangxi JDL
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By analyzing existing cross correlation between Haoxiangni Jujube Co and Jiangxi JDL Environmental, you can compare the effects of market volatilities on Haoxiangni Jujube and Jiangxi JDL 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 Jiangxi JDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haoxiangni Jujube and Jiangxi JDL.
Diversification Opportunities for Haoxiangni Jujube and Jiangxi JDL
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haoxiangni and Jiangxi is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Haoxiangni Jujube Co and Jiangxi JDL Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi JDL Environmental 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 Jiangxi JDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi JDL Environmental has no effect on the direction of Haoxiangni Jujube i.e., Haoxiangni Jujube and Jiangxi JDL go up and down completely randomly.
Pair Corralation between Haoxiangni Jujube and Jiangxi JDL
Assuming the 90 days trading horizon Haoxiangni Jujube Co is expected to generate 6.17 times more return on investment than Jiangxi JDL. However, Haoxiangni Jujube is 6.17 times more volatile than Jiangxi JDL Environmental. It trades about 0.13 of its potential returns per unit of risk. Jiangxi JDL Environmental is currently generating about -0.19 per unit of risk. If you would invest 851.00 in Haoxiangni Jujube Co on October 25, 2024 and sell it today you would earn a total of 139.00 from holding Haoxiangni Jujube Co or generate 16.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haoxiangni Jujube Co vs. Jiangxi JDL Environmental
Performance |
| Timeline |
| Haoxiangni Jujube |
| Jiangxi JDL Environmental |
Haoxiangni Jujube and Jiangxi JDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haoxiangni Jujube and Jiangxi JDL
The main advantage of trading using opposite Haoxiangni Jujube and Jiangxi JDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haoxiangni Jujube position performs unexpectedly, Jiangxi JDL 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 Jiangxi JDL will offset losses from the drop in Jiangxi JDL's long position.| Haoxiangni Jujube vs. Nanjing Putian Telecommunications | Haoxiangni Jujube vs. Shandong Sanyuan Biotechnology | Haoxiangni Jujube vs. Quectel Wireless Solutions | Haoxiangni Jujube vs. Dongfeng Automobile Co |
| Jiangxi JDL vs. Kweichow Moutai Co | Jiangxi JDL vs. Contemporary Amperex Technology | Jiangxi JDL vs. Beijing Roborock Technology | Jiangxi JDL vs. BYD Co Ltd |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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