Correlation Between Malion New and Juewei Food
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By analyzing existing cross correlation between Malion New Materials and Juewei Food Co, you can compare the effects of market volatilities on Malion New and Juewei 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 Malion New with a short position of Juewei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Malion New and Juewei Food.
Diversification Opportunities for Malion New and Juewei Food
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Malion and Juewei is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Malion New Materials and Juewei Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juewei Food and Malion New 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 Malion New Materials are associated (or correlated) with Juewei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juewei Food has no effect on the direction of Malion New i.e., Malion New and Juewei Food go up and down completely randomly.
Pair Corralation between Malion New and Juewei Food
Assuming the 90 days trading horizon Malion New Materials is expected to generate 1.22 times more return on investment than Juewei Food. However, Malion New is 1.22 times more volatile than Juewei Food Co. It trades about -0.03 of its potential returns per unit of risk. Juewei Food Co is currently generating about -0.08 per unit of risk. If you would invest 1,657 in Malion New Materials on August 27, 2024 and sell it today you would lose (837.00) from holding Malion New Materials or give up 50.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Malion New Materials vs. Juewei Food Co
Performance |
| Timeline |
| Malion New Materials |
| Juewei Food |
Malion New and Juewei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Malion New and Juewei Food
The main advantage of trading using opposite Malion New and Juewei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Malion New position performs unexpectedly, Juewei 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 Juewei Food will offset losses from the drop in Juewei Food's long position.| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Shandong Gold Mining |
| Juewei Food vs. China Petroleum Chemical | Juewei Food vs. PetroChina Co Ltd | Juewei Food vs. China State Construction | Juewei Food vs. China Railway Group |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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