Correlation Between Jiajia Food and Inspur Software
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By analyzing existing cross correlation between Jiajia Food Group and Inspur Software Co, you can compare the effects of market volatilities on Jiajia Food and Inspur 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 Inspur Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Inspur Software.
Diversification Opportunities for Jiajia Food and Inspur Software
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiajia and Inspur is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Inspur Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inspur Software 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 Inspur Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inspur Software has no effect on the direction of Jiajia Food i.e., Jiajia Food and Inspur Software go up and down completely randomly.
Pair Corralation between Jiajia Food and Inspur Software
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 1.01 times more return on investment than Inspur Software. However, Jiajia Food is 1.01 times more volatile than Inspur Software Co. It trades about 0.02 of its potential returns per unit of risk. Inspur Software Co is currently generating about 0.01 per unit of risk. If you would invest 442.00 in Jiajia Food Group on November 2, 2024 and sell it today you would earn a total of 31.00 from holding Jiajia Food Group or generate 7.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiajia Food Group vs. Inspur Software Co
Performance |
| Timeline |
| Jiajia Food Group |
| Inspur Software |
Jiajia Food and Inspur Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Inspur Software
The main advantage of trading using opposite Jiajia Food and Inspur Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Inspur 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 Inspur Software will offset losses from the drop in Inspur Software's long position.| Jiajia Food vs. Bus Online Co | Jiajia Food vs. Holitech Technology Co | Jiajia Food vs. Gome Telecom Equipment | Jiajia Food vs. Cultural Investment Holdings |
| Inspur Software vs. Xinjiang Baodi Mining | Inspur Software vs. Hainan Mining Co | Inspur Software vs. Guangdong Silvere Sci | Inspur Software vs. Hunan Investment 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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