Correlation Between Shenzhen Silver and Juewei Food
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By analyzing existing cross correlation between Shenzhen Silver Basis and Juewei Food Co, you can compare the effects of market volatilities on Shenzhen Silver and Juewei Food 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 Shenzhen Silver with a short position of Juewei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Silver and Juewei Food.
Diversification Opportunities for Shenzhen Silver and Juewei Food
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Shenzhen and Juewei is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Silver Basis and Juewei Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juewei Food and Shenzhen Silver 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 Shenzhen Silver Basis are associated (or correlated) with Juewei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juewei Food has no effect on the direction of Shenzhen Silver i.e., Shenzhen Silver and Juewei Food go up and down completely randomly.
Pair Corralation between Shenzhen Silver and Juewei Food
Assuming the 90 days trading horizon Shenzhen Silver Basis is expected to generate 0.89 times more return on investment than Juewei Food. However, Shenzhen Silver Basis is 1.12 times less risky than Juewei Food. It trades about -0.19 of its potential returns per unit of risk. Juewei Food Co is currently generating about -0.23 per unit of risk. If you would invest 1,113 in Shenzhen Silver Basis on October 30, 2024 and sell it today you would lose (235.00) from holding Shenzhen Silver Basis or give up 21.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Silver Basis vs. Juewei Food Co
Performance |
| Timeline |
| Shenzhen Silver Basis |
| Juewei Food |
Shenzhen Silver and Juewei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Silver and Juewei Food
The main advantage of trading using opposite Shenzhen Silver and Juewei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Silver position performs unexpectedly, Juewei Food 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 Juewei Food will offset losses from the drop in Juewei Food's long position.| Shenzhen Silver vs. Uroica Mining Safety | Shenzhen Silver vs. Xinjiang Baodi Mining | Shenzhen Silver vs. Bosera CMSK Industrial | Shenzhen Silver vs. Gem Year Industrial Co |
| Juewei Food vs. Kweichow Moutai Co | Juewei Food vs. Contemporary Amperex Technology | Juewei Food vs. G bits Network Technology | Juewei Food vs. Beijing Roborock 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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