Correlation Between Jahen Household and Xiamen Hexing
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By analyzing existing cross correlation between Jahen Household Products and Xiamen Hexing Packaging, you can compare the effects of market volatilities on Jahen Household and Xiamen Hexing 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 Jahen Household with a short position of Xiamen Hexing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jahen Household and Xiamen Hexing.
Diversification Opportunities for Jahen Household and Xiamen Hexing
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jahen and Xiamen is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Jahen Household Products and Xiamen Hexing Packaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Hexing Packaging and Jahen Household 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 Jahen Household Products are associated (or correlated) with Xiamen Hexing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Hexing Packaging has no effect on the direction of Jahen Household i.e., Jahen Household and Xiamen Hexing go up and down completely randomly.
Pair Corralation between Jahen Household and Xiamen Hexing
Assuming the 90 days trading horizon Jahen Household Products is expected to generate 3.22 times more return on investment than Xiamen Hexing. However, Jahen Household is 3.22 times more volatile than Xiamen Hexing Packaging. It trades about 0.22 of its potential returns per unit of risk. Xiamen Hexing Packaging is currently generating about 0.28 per unit of risk. If you would invest 1,631 in Jahen Household Products on September 13, 2024 and sell it today you would earn a total of 386.00 from holding Jahen Household Products or generate 23.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jahen Household Products vs. Xiamen Hexing Packaging
Performance |
| Timeline |
| Jahen Household Products |
| Xiamen Hexing Packaging |
Jahen Household and Xiamen Hexing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jahen Household and Xiamen Hexing
The main advantage of trading using opposite Jahen Household and Xiamen Hexing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jahen Household position performs unexpectedly, Xiamen Hexing 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 Xiamen Hexing will offset losses from the drop in Xiamen Hexing's long position.| Jahen Household vs. Jiangxi JDL Environmental | Jahen Household vs. Qiaoyin Environmental Tech | Jahen Household vs. Elite Color Environmental | Jahen Household vs. Guangdong Liantai Environmental |
| Xiamen Hexing vs. Kontour Medical Technology | Xiamen Hexing vs. Double Medical Technology | Xiamen Hexing vs. Xiangyu Medical Co | Xiamen Hexing vs. Xian International Medical |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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