Correlation Between Jahen Household and Heilongjiang Transport
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By analyzing existing cross correlation between Jahen Household Products and Heilongjiang Transport Development, you can compare the effects of market volatilities on Jahen Household and Heilongjiang Transport 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 Heilongjiang Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jahen Household and Heilongjiang Transport.
Diversification Opportunities for Jahen Household and Heilongjiang Transport
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jahen and Heilongjiang is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Jahen Household Products and Heilongjiang Transport Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Transport 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 Heilongjiang Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Transport has no effect on the direction of Jahen Household i.e., Jahen Household and Heilongjiang Transport go up and down completely randomly.
Pair Corralation between Jahen Household and Heilongjiang Transport
Assuming the 90 days trading horizon Jahen Household Products is expected to under-perform the Heilongjiang Transport. In addition to that, Jahen Household is 1.27 times more volatile than Heilongjiang Transport Development. It trades about -0.02 of its total potential returns per unit of risk. Heilongjiang Transport Development is currently generating about -0.01 per unit of volatility. If you would invest 436.00 in Heilongjiang Transport Development on October 30, 2024 and sell it today you would lose (96.00) from holding Heilongjiang Transport Development or give up 22.02% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jahen Household Products vs. Heilongjiang Transport Develop
Performance |
| Timeline |
| Jahen Household Products |
| Heilongjiang Transport |
Jahen Household and Heilongjiang Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jahen Household and Heilongjiang Transport
The main advantage of trading using opposite Jahen Household and Heilongjiang Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jahen Household position performs unexpectedly, Heilongjiang Transport 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 Heilongjiang Transport will offset losses from the drop in Heilongjiang Transport's long position.| Jahen Household vs. Western Mining Co | Jahen Household vs. Xinjiang Baodi Mining | Jahen Household vs. Shanghai Rongtai Health | Jahen Household vs. Dezhan HealthCare Co |
| Heilongjiang Transport vs. Agricultural Bank of | Heilongjiang Transport vs. Guilin Seamild Foods | Heilongjiang Transport vs. Jiahe Foods Industry | Heilongjiang Transport vs. Anji Foodstuff 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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