Correlation Between Iat Automobile and Juewei Food
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By analyzing existing cross correlation between Iat Automobile Technology and Juewei Food Co, you can compare the effects of market volatilities on Iat Automobile 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 Iat Automobile with a short position of Juewei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Juewei Food.
Diversification Opportunities for Iat Automobile and Juewei Food
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Iat and Juewei is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Juewei Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juewei Food and Iat Automobile 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 Iat Automobile Technology 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 Iat Automobile i.e., Iat Automobile and Juewei Food go up and down completely randomly.
Pair Corralation between Iat Automobile and Juewei Food
Assuming the 90 days trading horizon Iat Automobile is expected to generate 4.31 times less return on investment than Juewei Food. In addition to that, Iat Automobile is 1.01 times more volatile than Juewei Food Co. It trades about 0.02 of its total potential returns per unit of risk. Juewei Food Co is currently generating about 0.1 per unit of volatility. If you would invest 1,725 in Juewei Food Co on September 3, 2024 and sell it today you would earn a total of 267.00 from holding Juewei Food Co or generate 15.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Juewei Food Co
Performance |
| Timeline |
| Iat Automobile Technology |
| Juewei Food |
Iat Automobile and Juewei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Juewei Food
The main advantage of trading using opposite Iat Automobile and Juewei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile 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.| Iat Automobile vs. PetroChina Co Ltd | Iat Automobile vs. China Mobile Limited | Iat Automobile vs. Industrial and Commercial | Iat Automobile vs. China Life Insurance |
| Juewei Food vs. Beijing Wantai Biological | Juewei Food vs. Aluminum Corp of | Juewei Food vs. COL Digital Publishing | Juewei Food vs. Shaanxi Meineng Clean |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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