Correlation Between Huafa Industrial and Jiajia Food
Specify exactly 2 symbols:
By analyzing existing cross correlation between Huafa Industrial Co and Jiajia Food Group, you can compare the effects of market volatilities on Huafa Industrial 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 Huafa Industrial with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huafa Industrial and Jiajia Food.
Diversification Opportunities for Huafa Industrial and Jiajia Food
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Huafa and Jiajia is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Huafa Industrial Co 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 Huafa Industrial 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 Huafa Industrial Co 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 Huafa Industrial i.e., Huafa Industrial and Jiajia Food go up and down completely randomly.
Pair Corralation between Huafa Industrial and Jiajia Food
Assuming the 90 days trading horizon Huafa Industrial is expected to generate 9.76 times less return on investment than Jiajia Food. But when comparing it to its historical volatility, Huafa Industrial Co is 1.27 times less risky than Jiajia Food. It trades about 0.0 of its potential returns per unit of risk. Jiajia Food Group is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 424.00 in Jiajia Food Group on September 4, 2024 and sell it today you would earn a total of 68.00 from holding Jiajia Food Group or generate 16.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huafa Industrial Co vs. Jiajia Food Group
Performance |
| Timeline |
| Huafa Industrial |
| Jiajia Food Group |
Huafa Industrial and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huafa Industrial and Jiajia Food
The main advantage of trading using opposite Huafa Industrial and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huafa Industrial 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.| Huafa Industrial vs. Tongyu Communication | Huafa Industrial vs. Jiangsu Financial Leasing | Huafa Industrial vs. Iat Automobile Technology | Huafa Industrial vs. Agricultural Bank of |
| Jiajia Food vs. Poly Real Estate | Jiajia Food vs. China Vanke Co | Jiajia Food vs. China Merchants Shekou | Jiajia Food vs. Huafa Industrial Co |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |