Correlation Between Jiajia Food and Zhejiang Kingland
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By analyzing existing cross correlation between Jiajia Food Group and Zhejiang Kingland Pipeline, you can compare the effects of market volatilities on Jiajia Food and Zhejiang Kingland 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 Jiajia Food with a short position of Zhejiang Kingland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Zhejiang Kingland.
Diversification Opportunities for Jiajia Food and Zhejiang Kingland
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiajia and Zhejiang is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Zhejiang Kingland Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Kingland and Jiajia Food 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 Jiajia Food Group are associated (or correlated) with Zhejiang Kingland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Kingland has no effect on the direction of Jiajia Food i.e., Jiajia Food and Zhejiang Kingland go up and down completely randomly.
Pair Corralation between Jiajia Food and Zhejiang Kingland
Assuming the 90 days trading horizon Jiajia Food Group is expected to under-perform the Zhejiang Kingland. In addition to that, Jiajia Food is 2.16 times more volatile than Zhejiang Kingland Pipeline. It trades about -0.09 of its total potential returns per unit of risk. Zhejiang Kingland Pipeline is currently generating about -0.09 per unit of volatility. If you would invest 597.00 in Zhejiang Kingland Pipeline on October 23, 2024 and sell it today you would lose (15.00) from holding Zhejiang Kingland Pipeline or give up 2.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Jiajia Food Group vs. Zhejiang Kingland Pipeline
Performance |
| Timeline |
| Jiajia Food Group |
| Zhejiang Kingland |
Jiajia Food and Zhejiang Kingland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Zhejiang Kingland
The main advantage of trading using opposite Jiajia Food and Zhejiang Kingland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Zhejiang Kingland 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 Zhejiang Kingland will offset losses from the drop in Zhejiang Kingland's long position.| Jiajia Food vs. Double Medical Technology | Jiajia Food vs. Hengkang Medical Group | Jiajia Food vs. Allmed Medical Products | Jiajia Food vs. Miracll Chemicals Co |
| Zhejiang Kingland vs. Suzhou Weizhixiang Food | Zhejiang Kingland vs. Yankershop Food Co | Zhejiang Kingland vs. Jiamei Food Packaging | Zhejiang Kingland vs. Jiajia Food 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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