Correlation Between Jiujiang Shanshui and Juewei Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiujiang Shanshui Technology and Juewei Food Co, you can compare the effects of market volatilities on Jiujiang Shanshui and Juewei 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 Jiujiang Shanshui with a short position of Juewei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiujiang Shanshui and Juewei Food.
Diversification Opportunities for Jiujiang Shanshui and Juewei Food
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiujiang and Juewei is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jiujiang Shanshui Technology and Juewei Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juewei Food and Jiujiang Shanshui 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 Jiujiang Shanshui Technology are associated (or correlated) with Juewei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juewei Food has no effect on the direction of Jiujiang Shanshui i.e., Jiujiang Shanshui and Juewei Food go up and down completely randomly.
Pair Corralation between Jiujiang Shanshui and Juewei Food
Assuming the 90 days trading horizon Jiujiang Shanshui is expected to generate 1.61 times less return on investment than Juewei Food. But when comparing it to its historical volatility, Jiujiang Shanshui Technology is 1.73 times less risky than Juewei Food. It trades about 0.09 of its potential returns per unit of risk. Juewei Food Co is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,794 in Juewei Food Co on August 25, 2024 and sell it today you would earn a total of 106.00 from holding Juewei Food Co or generate 5.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiujiang Shanshui Technology vs. Juewei Food Co
Performance |
| Timeline |
| Jiujiang Shanshui |
| Juewei Food |
Jiujiang Shanshui and Juewei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiujiang Shanshui and Juewei Food
The main advantage of trading using opposite Jiujiang Shanshui and Juewei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiujiang Shanshui position performs unexpectedly, Juewei 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 Juewei Food will offset losses from the drop in Juewei Food's long position.| Jiujiang Shanshui vs. Zijin Mining Group | Jiujiang Shanshui vs. Wanhua Chemical Group | Jiujiang Shanshui vs. Shandong Gold Mining | Jiujiang Shanshui vs. Inner Mongolia BaoTou |
| Juewei Food vs. Jiujiang Shanshui Technology | Juewei Food vs. Crown Advanced Material | Juewei Food vs. Guangdong Xiongsu Technology | Juewei Food vs. King Strong New Material |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |