Correlation Between Jinzai Food and Gan Yuan
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By analyzing existing cross correlation between Jinzai Food Group and Gan Yuan Foods, you can compare the effects of market volatilities on Jinzai Food and Gan Yuan 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 Jinzai Food with a short position of Gan Yuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinzai Food and Gan Yuan.
Diversification Opportunities for Jinzai Food and Gan Yuan
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jinzai and Gan is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jinzai Food Group and Gan Yuan Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Yuan Foods and Jinzai 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 Jinzai Food Group are associated (or correlated) with Gan Yuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Yuan Foods has no effect on the direction of Jinzai Food i.e., Jinzai Food and Gan Yuan go up and down completely randomly.
Pair Corralation between Jinzai Food and Gan Yuan
Assuming the 90 days trading horizon Jinzai Food Group is expected to under-perform the Gan Yuan. In addition to that, Jinzai Food is 1.11 times more volatile than Gan Yuan Foods. It trades about -0.1 of its total potential returns per unit of risk. Gan Yuan Foods is currently generating about 0.09 per unit of volatility. If you would invest 8,193 in Gan Yuan Foods on October 12, 2024 and sell it today you would earn a total of 366.00 from holding Gan Yuan Foods or generate 4.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinzai Food Group vs. Gan Yuan Foods
Performance |
| Timeline |
| Jinzai Food Group |
| Gan Yuan Foods |
Jinzai Food and Gan Yuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinzai Food and Gan Yuan
The main advantage of trading using opposite Jinzai Food and Gan Yuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinzai Food position performs unexpectedly, Gan Yuan 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 Gan Yuan will offset losses from the drop in Gan Yuan's long position.| Jinzai Food vs. Gan Yuan Foods | Jinzai Food vs. Fibocom Wireless | Jinzai Food vs. Queclink Wireless Solutions | Jinzai Food vs. Shantou Wanshun Package |
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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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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