Correlation Between Harvest Fund and Jiajia Food
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By analyzing existing cross correlation between Harvest Fund Management and Jiajia Food Group, you can compare the effects of market volatilities on Harvest Fund 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 Harvest Fund with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Jiajia Food.
Diversification Opportunities for Harvest Fund and Jiajia Food
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Harvest and Jiajia is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management 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 Harvest Fund 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 Harvest Fund Management 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 Harvest Fund i.e., Harvest Fund and Jiajia Food go up and down completely randomly.
Pair Corralation between Harvest Fund and Jiajia Food
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Jiajia Food. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 2.2 times less risky than Jiajia Food. The stock trades about -0.05 of its potential returns per unit of risk. The Jiajia Food Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 435.00 in Jiajia Food Group on August 30, 2024 and sell it today you would lose (13.00) from holding Jiajia Food Group or give up 2.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 92.23% |
| Values | Daily Returns |
Harvest Fund Management vs. Jiajia Food Group
Performance |
| Timeline |
| Harvest Fund Management |
| Jiajia Food Group |
Harvest Fund and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Jiajia Food
The main advantage of trading using opposite Harvest Fund and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund 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.| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
| Jiajia Food vs. PetroChina Co Ltd | Jiajia Food vs. China Mobile Limited | Jiajia Food vs. Ping An Insurance | Jiajia Food vs. China Petroleum Chemical |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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