Correlation Between Fujian Boss and Jinzai Food
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By analyzing existing cross correlation between Fujian Boss Software and Jinzai Food Group, you can compare the effects of market volatilities on Fujian Boss and Jinzai 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 Fujian Boss with a short position of Jinzai Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Boss and Jinzai Food.
Diversification Opportunities for Fujian Boss and Jinzai Food
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Fujian and Jinzai is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Boss Software and Jinzai Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinzai Food Group and Fujian Boss 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 Fujian Boss Software are associated (or correlated) with Jinzai Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinzai Food Group has no effect on the direction of Fujian Boss i.e., Fujian Boss and Jinzai Food go up and down completely randomly.
Pair Corralation between Fujian Boss and Jinzai Food
Assuming the 90 days trading horizon Fujian Boss Software is expected to under-perform the Jinzai Food. But the stock apears to be less risky and, when comparing its historical volatility, Fujian Boss Software is 1.47 times less risky than Jinzai Food. The stock trades about -0.54 of its potential returns per unit of risk. The Jinzai Food Group is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,312 in Jinzai Food Group on October 11, 2024 and sell it today you would earn a total of 30.00 from holding Jinzai Food Group or generate 2.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Boss Software vs. Jinzai Food Group
Performance |
| Timeline |
| Fujian Boss Software |
| Jinzai Food Group |
Fujian Boss and Jinzai Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Boss and Jinzai Food
The main advantage of trading using opposite Fujian Boss and Jinzai Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Boss position performs unexpectedly, Jinzai 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 Jinzai Food will offset losses from the drop in Jinzai Food's long position.| Fujian Boss vs. Anhui Tongguan Copper | Fujian Boss vs. Shanghai CEO Environmental | Fujian Boss vs. Sanbo Hospital Management | Fujian Boss vs. Harvest Fund Management |
| Jinzai Food vs. Guizhou Chanhen Chemical | Jinzai Food vs. Qijing Machinery | Jinzai Food vs. Guangzhou KDT Machinery | Jinzai Food vs. Lutian Machinery Co |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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