Correlation Between Jiajia Food and Thunder Software
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By analyzing existing cross correlation between Jiajia Food Group and Thunder Software Technology, you can compare the effects of market volatilities on Jiajia Food and Thunder Software 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 Thunder Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Thunder Software.
Diversification Opportunities for Jiajia Food and Thunder Software
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiajia and Thunder is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Thunder Software Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thunder Software Tec 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 Thunder Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thunder Software Tec has no effect on the direction of Jiajia Food i.e., Jiajia Food and Thunder Software go up and down completely randomly.
Pair Corralation between Jiajia Food and Thunder Software
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 0.46 times more return on investment than Thunder Software. However, Jiajia Food Group is 2.16 times less risky than Thunder Software. It trades about 0.08 of its potential returns per unit of risk. Thunder Software Technology is currently generating about -0.01 per unit of risk. If you would invest 458.00 in Jiajia Food Group on October 30, 2024 and sell it today you would earn a total of 15.00 from holding Jiajia Food Group or generate 3.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiajia Food Group vs. Thunder Software Technology
Performance |
| Timeline |
| Jiajia Food Group |
| Thunder Software Tec |
Jiajia Food and Thunder Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Thunder Software
The main advantage of trading using opposite Jiajia Food and Thunder Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Thunder Software 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 Thunder Software will offset losses from the drop in Thunder Software's long position.| Jiajia Food vs. Zhejiang Yinlun Machinery | Jiajia Food vs. Andon Health Co | Jiajia Food vs. Guangzhou KDT Machinery | Jiajia Food vs. Meinian Onehealth Healthcare |
| Thunder Software vs. Zhongzhu Medical Holdings | Thunder Software vs. China Building Material | Thunder Software vs. Guangdong Transtek Medical | Thunder Software vs. CareRay Digital Medical |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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