Correlation Between Jiajia Food and Loctek Ergonomic
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By analyzing existing cross correlation between Jiajia Food Group and Loctek Ergonomic Technology, you can compare the effects of market volatilities on Jiajia Food and Loctek Ergonomic 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 Loctek Ergonomic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Loctek Ergonomic.
Diversification Opportunities for Jiajia Food and Loctek Ergonomic
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiajia and Loctek is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Loctek Ergonomic Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Loctek Ergonomic 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 Loctek Ergonomic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Loctek Ergonomic Tec has no effect on the direction of Jiajia Food i.e., Jiajia Food and Loctek Ergonomic go up and down completely randomly.
Pair Corralation between Jiajia Food and Loctek Ergonomic
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 1.5 times more return on investment than Loctek Ergonomic. However, Jiajia Food is 1.5 times more volatile than Loctek Ergonomic Technology. It trades about -0.03 of its potential returns per unit of risk. Loctek Ergonomic Technology is currently generating about -0.18 per unit of risk. If you would invest 465.00 in Jiajia Food Group on October 11, 2024 and sell it today you would lose (14.00) from holding Jiajia Food Group or give up 3.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jiajia Food Group vs. Loctek Ergonomic Technology
Performance |
| Timeline |
| Jiajia Food Group |
| Loctek Ergonomic Tec |
Jiajia Food and Loctek Ergonomic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Loctek Ergonomic
The main advantage of trading using opposite Jiajia Food and Loctek Ergonomic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Loctek Ergonomic 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 Loctek Ergonomic will offset losses from the drop in Loctek Ergonomic's long position.| Jiajia Food vs. CareRay Digital Medical | Jiajia Food vs. Nanjing Vishee Medical | Jiajia Food vs. Kidswant Children Products | Jiajia Food vs. Sichuan Yahua Industrial |
| Loctek Ergonomic vs. Holitech Technology Co | Loctek Ergonomic vs. Kuangda Technology Group | Loctek Ergonomic vs. Guangdong Xiongsu Technology | Loctek Ergonomic 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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