Correlation Between Mango Excellent and Jiajia Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Mango Excellent Media and Jiajia Food Group, you can compare the effects of market volatilities on Mango Excellent and Jiajia 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 Mango Excellent with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and Jiajia Food.
Diversification Opportunities for Mango Excellent and Jiajia Food
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Mango and Jiajia is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and Jiajia Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiajia Food Group and Mango Excellent 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 Mango Excellent Media are associated (or correlated) with Jiajia Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiajia Food Group has no effect on the direction of Mango Excellent i.e., Mango Excellent and Jiajia Food go up and down completely randomly.
Pair Corralation between Mango Excellent and Jiajia Food
Assuming the 90 days trading horizon Mango Excellent is expected to generate 2.71 times less return on investment than Jiajia Food. But when comparing it to its historical volatility, Mango Excellent Media is 1.04 times less risky than Jiajia Food. It trades about 0.1 of its potential returns per unit of risk. Jiajia Food Group is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 183.00 in Jiajia Food Group on November 7, 2024 and sell it today you would earn a total of 290.00 from holding Jiajia Food Group or generate 158.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. Jiajia Food Group
Performance |
| Timeline |
| Mango Excellent Media |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jiajia Food Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
Mango Excellent and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and Jiajia Food
The main advantage of trading using opposite Mango Excellent and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent position performs unexpectedly, Jiajia 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 Jiajia Food will offset losses from the drop in Jiajia Food's long position.The idea behind Mango Excellent Media and Jiajia Food Group pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |