Correlation Between Gan Yuan and Juewei Food
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By analyzing existing cross correlation between Gan Yuan Foods and Juewei Food Co, you can compare the effects of market volatilities on Gan Yuan 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 Gan Yuan with a short position of Juewei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gan Yuan and Juewei Food.
Diversification Opportunities for Gan Yuan and Juewei Food
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Gan and Juewei is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Gan Yuan Foods and Juewei Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juewei Food and Gan Yuan 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 Gan Yuan Foods 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 Gan Yuan i.e., Gan Yuan and Juewei Food go up and down completely randomly.
Pair Corralation between Gan Yuan and Juewei Food
Assuming the 90 days trading horizon Gan Yuan Foods is expected to generate 0.91 times more return on investment than Juewei Food. However, Gan Yuan Foods is 1.09 times less risky than Juewei Food. It trades about 0.01 of its potential returns per unit of risk. Juewei Food Co is currently generating about -0.07 per unit of risk. If you would invest 7,327 in Gan Yuan Foods on August 28, 2024 and sell it today you would lose (17.00) from holding Gan Yuan Foods or give up 0.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gan Yuan Foods vs. Juewei Food Co
Performance |
| Timeline |
| Gan Yuan Foods |
| Juewei Food |
Gan Yuan and Juewei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gan Yuan and Juewei Food
The main advantage of trading using opposite Gan Yuan and Juewei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gan Yuan 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.| Gan Yuan vs. Marssenger Kitchenware Co | Gan Yuan vs. XinJiang GuoTong Pipeline | Gan Yuan vs. Yindu Kitchen Equipment | Gan Yuan vs. Zhejiang Kingland Pipeline |
| Juewei Food vs. Uxi Unicomp Technology | Juewei Food vs. Kunshan Guoli Electronic | Juewei Food vs. Success Electronics | Juewei Food vs. ROPEOK Technology Group |
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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