Correlation Between HaiXin Foods and Hubei Jumpcan
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By analyzing existing cross correlation between HaiXin Foods Co and Hubei Jumpcan Pharmaceutical, you can compare the effects of market volatilities on HaiXin Foods and Hubei Jumpcan 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 HaiXin Foods with a short position of Hubei Jumpcan. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Hubei Jumpcan.
Diversification Opportunities for HaiXin Foods and Hubei Jumpcan
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between HaiXin and Hubei is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Hubei Jumpcan Pharmaceutical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hubei Jumpcan Pharma and HaiXin Foods 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 HaiXin Foods Co are associated (or correlated) with Hubei Jumpcan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hubei Jumpcan Pharma has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Hubei Jumpcan go up and down completely randomly.
Pair Corralation between HaiXin Foods and Hubei Jumpcan
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the Hubei Jumpcan. In addition to that, HaiXin Foods is 1.59 times more volatile than Hubei Jumpcan Pharmaceutical. It trades about -0.17 of its total potential returns per unit of risk. Hubei Jumpcan Pharmaceutical is currently generating about 0.0 per unit of volatility. If you would invest 2,768 in Hubei Jumpcan Pharmaceutical on November 4, 2024 and sell it today you would lose (10.00) from holding Hubei Jumpcan Pharmaceutical or give up 0.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Hubei Jumpcan Pharmaceutical
Performance |
| Timeline |
| HaiXin Foods |
| Hubei Jumpcan Pharma |
HaiXin Foods and Hubei Jumpcan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Hubei Jumpcan
The main advantage of trading using opposite HaiXin Foods and Hubei Jumpcan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Hubei Jumpcan 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 Hubei Jumpcan will offset losses from the drop in Hubei Jumpcan's long position.| HaiXin Foods vs. Ingenic Semiconductor | HaiXin Foods vs. GRINM Semiconductor Materials | HaiXin Foods vs. Guangxi Wuzhou Communications | HaiXin Foods vs. Hua Hong Semiconductor |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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