Correlation Between Jiajia Food and Jiangsu Xinri
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By analyzing existing cross correlation between Jiajia Food Group and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Jiajia Food and Jiangsu Xinri 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 Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Jiangsu Xinri.
Diversification Opportunities for Jiajia Food and Jiangsu Xinri
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiajia and Jiangsu is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E 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 Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Jiajia Food i.e., Jiajia Food and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Jiajia Food and Jiangsu Xinri
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 1.12 times more return on investment than Jiangsu Xinri. However, Jiajia Food is 1.12 times more volatile than Jiangsu Xinri E Vehicle. It trades about -0.31 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.39 per unit of risk. If you would invest 542.00 in Jiajia Food Group on October 15, 2024 and sell it today you would lose (89.00) from holding Jiajia Food Group or give up 16.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiajia Food Group vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Jiajia Food Group |
| Jiangsu Xinri E |
Jiajia Food and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Jiangsu Xinri
The main advantage of trading using opposite Jiajia Food and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Jiangsu Xinri 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 Jiangsu Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Jiajia Food vs. China Sports Industry | Jiajia Food vs. Penyao Environmental Protection | Jiajia Food vs. Elite Color Environmental | Jiajia Food vs. Sportsoul Co Ltd |
| Jiangsu Xinri vs. Guangzhou Seagull Kitchen | Jiangsu Xinri vs. Jiajia Food Group | Jiangsu Xinri vs. Shanghai Ziyan Foods | Jiangsu Xinri vs. Jiangsu Jinling Sports |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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