Correlation Between Shantou Wanshun and Jiamei Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shantou Wanshun Package and Jiamei Food Packaging, you can compare the effects of market volatilities on Shantou Wanshun and Jiamei 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 Shantou Wanshun with a short position of Jiamei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shantou Wanshun and Jiamei Food.
Diversification Opportunities for Shantou Wanshun and Jiamei Food
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shantou and Jiamei is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Shantou Wanshun Package and Jiamei Food Packaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiamei Food Packaging and Shantou Wanshun 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 Shantou Wanshun Package are associated (or correlated) with Jiamei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiamei Food Packaging has no effect on the direction of Shantou Wanshun i.e., Shantou Wanshun and Jiamei Food go up and down completely randomly.
Pair Corralation between Shantou Wanshun and Jiamei Food
Assuming the 90 days trading horizon Shantou Wanshun Package is expected to under-perform the Jiamei Food. In addition to that, Shantou Wanshun is 1.57 times more volatile than Jiamei Food Packaging. It trades about -0.02 of its total potential returns per unit of risk. Jiamei Food Packaging is currently generating about -0.01 per unit of volatility. If you would invest 401.00 in Jiamei Food Packaging on August 27, 2024 and sell it today you would lose (75.00) from holding Jiamei Food Packaging or give up 18.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shantou Wanshun Package vs. Jiamei Food Packaging
Performance |
| Timeline |
| Shantou Wanshun Package |
| Jiamei Food Packaging |
Shantou Wanshun and Jiamei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shantou Wanshun and Jiamei Food
The main advantage of trading using opposite Shantou Wanshun and Jiamei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shantou Wanshun position performs unexpectedly, Jiamei 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 Jiamei Food will offset losses from the drop in Jiamei Food's long position.| Shantou Wanshun vs. Zijin Mining Group | Shantou Wanshun vs. Wanhua Chemical Group | Shantou Wanshun vs. Baoshan Iron Steel | Shantou Wanshun vs. Shandong Gold Mining |
| Jiamei Food vs. Zijin Mining Group | Jiamei Food vs. Wanhua Chemical Group | Jiamei Food vs. Baoshan Iron Steel | Jiamei Food vs. Shandong Gold Mining |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |