Correlation Between Zhejiang Yayi and Jahen Household
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By analyzing existing cross correlation between Zhejiang Yayi Metal and Jahen Household Products, you can compare the effects of market volatilities on Zhejiang Yayi 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 Zhejiang Yayi with a short position of Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Yayi and Jahen Household.
Diversification Opportunities for Zhejiang Yayi and Jahen Household
0.99 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Zhejiang and Jahen is 0.99. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Yayi Metal 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 Zhejiang Yayi 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 Zhejiang Yayi Metal 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 Zhejiang Yayi i.e., Zhejiang Yayi and Jahen Household go up and down completely randomly.
Pair Corralation between Zhejiang Yayi and Jahen Household
Assuming the 90 days trading horizon Zhejiang Yayi Metal is expected to generate 1.04 times more return on investment than Jahen Household. However, Zhejiang Yayi is 1.04 times more volatile than Jahen Household Products. It trades about 0.22 of its potential returns per unit of risk. Jahen Household Products is currently generating about 0.14 per unit of risk. If you would invest 2,450 in Zhejiang Yayi Metal on September 4, 2024 and sell it today you would earn a total of 295.00 from holding Zhejiang Yayi Metal or generate 12.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Yayi Metal vs. Jahen Household Products
Performance |
| Timeline |
| Zhejiang Yayi Metal |
| Jahen Household Products |
Zhejiang Yayi and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Yayi and Jahen Household
The main advantage of trading using opposite Zhejiang Yayi and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Yayi 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.| Zhejiang Yayi vs. Industrial and Commercial | Zhejiang Yayi vs. Agricultural Bank of | Zhejiang Yayi vs. China Construction Bank | Zhejiang Yayi vs. Bank of China |
| Jahen Household vs. ChengDu Hi Tech Development | Jahen Household vs. Wuhan Yangtze Communication | Jahen Household vs. Sunny Loan Top | Jahen Household vs. Xinjiang Baodi Mining |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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