Correlation Between Tianjin Ruixin and Jahen Household
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By analyzing existing cross correlation between Tianjin Ruixin Technology and Jahen Household Products, you can compare the effects of market volatilities on Tianjin Ruixin and Jahen Household 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 Tianjin Ruixin with a short position of Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Ruixin and Jahen Household.
Diversification Opportunities for Tianjin Ruixin and Jahen Household
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tianjin and Jahen is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Ruixin Technology and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products and Tianjin Ruixin 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 Tianjin Ruixin Technology are associated (or correlated) with Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of Tianjin Ruixin i.e., Tianjin Ruixin and Jahen Household go up and down completely randomly.
Pair Corralation between Tianjin Ruixin and Jahen Household
Assuming the 90 days trading horizon Tianjin Ruixin Technology is expected to generate 1.08 times more return on investment than Jahen Household. However, Tianjin Ruixin is 1.08 times more volatile than Jahen Household Products. It trades about 0.02 of its potential returns per unit of risk. Jahen Household Products is currently generating about -0.02 per unit of risk. If you would invest 1,445 in Tianjin Ruixin Technology on October 13, 2024 and sell it today you would lose (36.00) from holding Tianjin Ruixin Technology or give up 2.49% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Ruixin Technology vs. Jahen Household Products
Performance |
| Timeline |
| Tianjin Ruixin Technology |
| Jahen Household Products |
Tianjin Ruixin and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Ruixin and Jahen Household
The main advantage of trading using opposite Tianjin Ruixin and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Ruixin position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| Tianjin Ruixin vs. Zhongshan Broad Ocean Motor | Tianjin Ruixin vs. Kuang Chi Technologies | Tianjin Ruixin vs. Silkroad Visual Technology | Tianjin Ruixin vs. Zhengping RoadBridge Constr |
| Jahen Household vs. Anhui Huaren Health | Jahen Household vs. Kuangda Technology Group | Jahen Household vs. Digiwin Software Co | Jahen Household vs. Tianjin Ruixin Technology |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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