Correlation Between Tsingtao Brewery and Jason Furniture(Hangzh
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By analyzing existing cross correlation between Tsingtao Brewery Co and Jason Furniture, you can compare the effects of market volatilities on Tsingtao Brewery and Jason Furniture(Hangzh 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 Tsingtao Brewery with a short position of Jason Furniture(Hangzh. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsingtao Brewery and Jason Furniture(Hangzh.
Diversification Opportunities for Tsingtao Brewery and Jason Furniture(Hangzh
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Tsingtao and Jason is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Tsingtao Brewery Co and Jason Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jason Furniture(Hangzh and Tsingtao Brewery 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 Tsingtao Brewery Co are associated (or correlated) with Jason Furniture(Hangzh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jason Furniture(Hangzh has no effect on the direction of Tsingtao Brewery i.e., Tsingtao Brewery and Jason Furniture(Hangzh go up and down completely randomly.
Pair Corralation between Tsingtao Brewery and Jason Furniture(Hangzh
Assuming the 90 days trading horizon Tsingtao Brewery Co is expected to under-perform the Jason Furniture(Hangzh. But the stock apears to be less risky and, when comparing its historical volatility, Tsingtao Brewery Co is 1.29 times less risky than Jason Furniture(Hangzh. The stock trades about -0.32 of its potential returns per unit of risk. The Jason Furniture is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 2,840 in Jason Furniture on November 5, 2024 and sell it today you would earn a total of 88.00 from holding Jason Furniture or generate 3.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tsingtao Brewery Co vs. Jason Furniture
Performance |
| Timeline |
| Tsingtao Brewery |
| Jason Furniture(Hangzh |
Tsingtao Brewery and Jason Furniture(Hangzh Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsingtao Brewery and Jason Furniture(Hangzh
The main advantage of trading using opposite Tsingtao Brewery and Jason Furniture(Hangzh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsingtao Brewery position performs unexpectedly, Jason Furniture(Hangzh 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 Jason Furniture(Hangzh will offset losses from the drop in Jason Furniture(Hangzh's long position.| Tsingtao Brewery vs. Xiandai Investment Co | Tsingtao Brewery vs. Nuode Investment Co | Tsingtao Brewery vs. Xinjiang Communications Construction | Tsingtao Brewery vs. Jilin Jlu Communication |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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