Correlation Between NH SPAC and Jinro Distillers
Can any of the company-specific risk be diversified away by investing in both NH SPAC and Jinro Distillers at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining NH SPAC and Jinro Distillers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NH SPAC 8 and Jinro Distillers Co, you can compare the effects of market volatilities on NH SPAC and Jinro Distillers 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 NH SPAC with a short position of Jinro Distillers. Check out your portfolio center. Please also check ongoing floating volatility patterns of NH SPAC and Jinro Distillers.
Diversification Opportunities for NH SPAC and Jinro Distillers
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between 225570 and Jinro is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding NH SPAC 8 and Jinro Distillers Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinro Distillers and NH SPAC 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 NH SPAC 8 are associated (or correlated) with Jinro Distillers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinro Distillers has no effect on the direction of NH SPAC i.e., NH SPAC and Jinro Distillers go up and down completely randomly.
Pair Corralation between NH SPAC and Jinro Distillers
Assuming the 90 days trading horizon NH SPAC is expected to generate 8.81 times less return on investment than Jinro Distillers. In addition to that, NH SPAC is 4.3 times more volatile than Jinro Distillers Co. It trades about 0.0 of its total potential returns per unit of risk. Jinro Distillers Co is currently generating about 0.05 per unit of volatility. If you would invest 1,528,848 in Jinro Distillers Co on December 12, 2024 and sell it today you would earn a total of 190,152 from holding Jinro Distillers Co or generate 12.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
NH SPAC 8 vs. Jinro Distillers Co
Performance |
| Timeline |
| NH SPAC 8 |
| Jinro Distillers |
NH SPAC and Jinro Distillers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NH SPAC and Jinro Distillers
The main advantage of trading using opposite NH SPAC and Jinro Distillers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NH SPAC position performs unexpectedly, Jinro Distillers 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 Jinro Distillers will offset losses from the drop in Jinro Distillers' long position.| NH SPAC vs. INNOX Advanced Materials | ||
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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