Correlation Between Jahen Household and Shanghai Action
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By analyzing existing cross correlation between Jahen Household Products and Shanghai Action Education, you can compare the effects of market volatilities on Jahen Household and Shanghai Action 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 Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jahen Household and Shanghai Action.
Diversification Opportunities for Jahen Household and Shanghai Action
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jahen and Shanghai is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Jahen Household Products and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education 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 Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of Jahen Household i.e., Jahen Household and Shanghai Action go up and down completely randomly.
Pair Corralation between Jahen Household and Shanghai Action
Assuming the 90 days trading horizon Jahen Household Products is expected to generate 1.21 times more return on investment than Shanghai Action. However, Jahen Household is 1.21 times more volatile than Shanghai Action Education. It trades about 0.14 of its potential returns per unit of risk. Shanghai Action Education is currently generating about -0.02 per unit of risk. If you would invest 1,405 in Jahen Household Products on November 6, 2024 and sell it today you would earn a total of 74.00 from holding Jahen Household Products or generate 5.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jahen Household Products vs. Shanghai Action Education
Performance |
| Timeline |
| Jahen Household Products |
| Shanghai Action Education |
Jahen Household and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jahen Household and Shanghai Action
The main advantage of trading using opposite Jahen Household and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jahen Household position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action's long position.| Jahen Household vs. Shenzhen Noposion Agrochemicals | Jahen Household vs. Heilongjiang Transport Development | Jahen Household vs. Bus Online Co | Jahen Household vs. Silkroad Visual Technology |
| Shanghai Action vs. Shenyang Chemical Industry | Shanghai Action vs. Jinsanjiang Silicon Material | Shanghai Action vs. Shenzhen Noposion Agrochemicals | Shanghai Action vs. Beijing Lier High |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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