Correlation Between Jiajia Food and Yankershop Food
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By analyzing existing cross correlation between Jiajia Food Group and Yankershop Food Co, you can compare the effects of market volatilities on Jiajia Food and Yankershop 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 Jiajia Food with a short position of Yankershop Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Yankershop Food.
Diversification Opportunities for Jiajia Food and Yankershop Food
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiajia and Yankershop is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Yankershop Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yankershop Food 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 Yankershop Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yankershop Food has no effect on the direction of Jiajia Food i.e., Jiajia Food and Yankershop Food go up and down completely randomly.
Pair Corralation between Jiajia Food and Yankershop Food
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 1.79 times more return on investment than Yankershop Food. However, Jiajia Food is 1.79 times more volatile than Yankershop Food Co. It trades about 0.3 of its potential returns per unit of risk. Yankershop Food Co is currently generating about -0.02 per unit of risk. If you would invest 337.00 in Jiajia Food Group on August 31, 2024 and sell it today you would earn a total of 106.00 from holding Jiajia Food Group or generate 31.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiajia Food Group vs. Yankershop Food Co
Performance |
| Timeline |
| Jiajia Food Group |
| Yankershop Food |
Jiajia Food and Yankershop Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Yankershop Food
The main advantage of trading using opposite Jiajia Food and Yankershop Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Yankershop 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 Yankershop Food will offset losses from the drop in Yankershop Food's long position.| Jiajia Food vs. Lutian Machinery Co | Jiajia Food vs. PetroChina Co Ltd | Jiajia Food vs. Bank of China | Jiajia Food vs. Gansu Jiu Steel |
| Yankershop Food vs. Guosheng Financial Holding | Yankershop Food vs. Xiamen Bank Co | Yankershop Food vs. Guangzhou Automobile Group | Yankershop Food vs. Zhejiang Qianjiang Motorcycle |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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