Correlation Between Jiajia Food and Western Superconducting
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By analyzing existing cross correlation between Jiajia Food Group and Western Superconducting Tech, you can compare the effects of market volatilities on Jiajia Food and Western Superconducting 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 Western Superconducting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Western Superconducting.
Diversification Opportunities for Jiajia Food and Western Superconducting
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiajia and Western is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Western Superconducting Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Western Superconducting 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 Western Superconducting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Superconducting has no effect on the direction of Jiajia Food i.e., Jiajia Food and Western Superconducting go up and down completely randomly.
Pair Corralation between Jiajia Food and Western Superconducting
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 1.09 times more return on investment than Western Superconducting. However, Jiajia Food is 1.09 times more volatile than Western Superconducting Tech. It trades about 0.02 of its potential returns per unit of risk. Western Superconducting Tech is currently generating about -0.03 per unit of risk. If you would invest 442.00 in Jiajia Food Group on October 15, 2024 and sell it today you would earn a total of 11.00 from holding Jiajia Food Group or generate 2.49% 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. Western Superconducting Tech
Performance |
| Timeline |
| Jiajia Food Group |
| Western Superconducting |
Jiajia Food and Western Superconducting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Western Superconducting
The main advantage of trading using opposite Jiajia Food and Western Superconducting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Western Superconducting 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 Western Superconducting will offset losses from the drop in Western Superconducting's long position.| Jiajia Food vs. Jilin Jlu Communication | Jiajia Food vs. Bank of Communications | Jiajia Food vs. Aba Chemicals Corp | Jiajia Food vs. Ningxia Younglight Chemicals |
| Western Superconducting vs. Duzhe Publishing Media | Western Superconducting vs. Bank of Communications | Western Superconducting vs. Anhui Gujing Distillery | Western Superconducting vs. Tongyu 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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