Correlation Between Kidswant Children and Jiajia Food
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By analyzing existing cross correlation between Kidswant Children Products and Jiajia Food Group, you can compare the effects of market volatilities on Kidswant Children and Jiajia 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 Kidswant Children with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kidswant Children and Jiajia Food.
Diversification Opportunities for Kidswant Children and Jiajia Food
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Kidswant and Jiajia is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Kidswant Children Products and Jiajia Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiajia Food Group and Kidswant Children 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 Kidswant Children Products are associated (or correlated) with Jiajia Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiajia Food Group has no effect on the direction of Kidswant Children i.e., Kidswant Children and Jiajia Food go up and down completely randomly.
Pair Corralation between Kidswant Children and Jiajia Food
Assuming the 90 days trading horizon Kidswant Children Products is expected to under-perform the Jiajia Food. In addition to that, Kidswant Children is 1.28 times more volatile than Jiajia Food Group. It trades about -0.13 of its total potential returns per unit of risk. Jiajia Food Group is currently generating about -0.02 per unit of volatility. If you would invest 465.00 in Jiajia Food Group on October 11, 2024 and sell it today you would lose (13.00) from holding Jiajia Food Group or give up 2.8% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kidswant Children Products vs. Jiajia Food Group
Performance |
| Timeline |
| Kidswant Children |
| Jiajia Food Group |
Kidswant Children and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kidswant Children and Jiajia Food
The main advantage of trading using opposite Kidswant Children and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kidswant Children position performs unexpectedly, Jiajia 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 Jiajia Food will offset losses from the drop in Jiajia Food's long position.| Kidswant Children vs. Suzhou Industrial Park | Kidswant Children vs. Puya Semiconductor Shanghai | Kidswant Children vs. Lonkey Industrial Co | Kidswant Children vs. Suzhou Oriental Semiconductor |
| Jiajia Food vs. CareRay Digital Medical | Jiajia Food vs. Nanjing Vishee Medical | Jiajia Food vs. Kidswant Children Products | Jiajia Food vs. Sichuan Yahua Industrial |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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