Correlation Between Jiajia Food and Beijing Roborock
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiajia Food Group and Beijing Roborock Technology, you can compare the effects of market volatilities on Jiajia Food and Beijing Roborock 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 Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and Beijing Roborock.
Diversification Opportunities for Jiajia Food and Beijing Roborock
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jiajia and Beijing is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock 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 Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Jiajia Food i.e., Jiajia Food and Beijing Roborock go up and down completely randomly.
Pair Corralation between Jiajia Food and Beijing Roborock
Assuming the 90 days trading horizon Jiajia Food Group is expected to under-perform the Beijing Roborock. But the stock apears to be less risky and, when comparing its historical volatility, Jiajia Food Group is 1.07 times less risky than Beijing Roborock. The stock trades about 0.0 of its potential returns per unit of risk. The Beijing Roborock Technology is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 21,266 in Beijing Roborock Technology on October 26, 2024 and sell it today you would earn a total of 1,652 from holding Beijing Roborock Technology or generate 7.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiajia Food Group vs. Beijing Roborock Technology
Performance |
| Timeline |
| Jiajia Food Group |
| Beijing Roborock Tec |
Jiajia Food and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiajia Food and Beijing Roborock
The main advantage of trading using opposite Jiajia Food and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Jiajia Food vs. Giantec Semiconductor Corp | Jiajia Food vs. Allmed Medical Products | Jiajia Food vs. Yuanjie Semiconductor Technology | Jiajia Food vs. GigaDevice SemiconductorBeiji |
| Beijing Roborock vs. ROPEOK Technology Group | Beijing Roborock vs. Fujian Newland Computer | Beijing Roborock vs. Beijing Seeyon Internet | Beijing Roborock vs. Sichuan Jinshi Technology |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |