Correlation Between Jiajia Food and Smartgiant Technology
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By analyzing existing cross correlation between Jiajia Food Group and Smartgiant Technology Co, you can compare the effects of market volatilities on Jiajia Food and Smartgiant Technology 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 Smartgiant Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Smartgiant Technology.
Diversification Opportunities for Jiajia Food and Smartgiant Technology
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiajia and Smartgiant is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Smartgiant Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smartgiant Technology 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 Smartgiant Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smartgiant Technology has no effect on the direction of Jiajia Food i.e., Jiajia Food and Smartgiant Technology go up and down completely randomly.
Pair Corralation between Jiajia Food and Smartgiant Technology
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 0.8 times more return on investment than Smartgiant Technology. However, Jiajia Food Group is 1.25 times less risky than Smartgiant Technology. It trades about 0.02 of its potential returns per unit of risk. Smartgiant Technology Co is currently generating about -0.16 per unit of risk. If you would invest 458.00 in Jiajia Food Group on October 29, 2024 and sell it today you would earn a total of 1.00 from holding Jiajia Food Group or generate 0.22% 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. Smartgiant Technology Co
Performance |
| Timeline |
| Jiajia Food Group |
| Smartgiant Technology |
Jiajia Food and Smartgiant Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Smartgiant Technology
The main advantage of trading using opposite Jiajia Food and Smartgiant Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Smartgiant Technology 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 Smartgiant Technology will offset losses from the drop in Smartgiant Technology's long position.| Jiajia Food vs. Xiangyang Automobile Bearing | Jiajia Food vs. Hengdian Entertainment Co | Jiajia Food vs. Mango Excellent Media | Jiajia Food vs. Wuhan Yangtze Communication |
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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