Correlation Between Shanghai Jinfeng and Jiajia Food
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By analyzing existing cross correlation between Shanghai Jinfeng Wine and Jiajia Food Group, you can compare the effects of market volatilities on Shanghai Jinfeng 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 Shanghai Jinfeng with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Jinfeng and Jiajia Food.
Diversification Opportunities for Shanghai Jinfeng and Jiajia Food
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shanghai and Jiajia is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Jinfeng Wine 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 Shanghai Jinfeng 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 Shanghai Jinfeng Wine 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 Shanghai Jinfeng i.e., Shanghai Jinfeng and Jiajia Food go up and down completely randomly.
Pair Corralation between Shanghai Jinfeng and Jiajia Food
Assuming the 90 days trading horizon Shanghai Jinfeng Wine is expected to under-perform the Jiajia Food. But the stock apears to be less risky and, when comparing its historical volatility, Shanghai Jinfeng Wine is 1.07 times less risky than Jiajia Food. The stock trades about -0.01 of its potential returns per unit of risk. The Jiajia Food Group is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 226.00 in Jiajia Food Group on November 1, 2024 and sell it today you would earn a total of 247.00 from holding Jiajia Food Group or generate 109.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Jinfeng Wine vs. Jiajia Food Group
Performance |
| Timeline |
| Shanghai Jinfeng Wine |
| Jiajia Food Group |
Shanghai Jinfeng and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Jinfeng and Jiajia Food
The main advantage of trading using opposite Shanghai Jinfeng and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Jinfeng 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.| Shanghai Jinfeng vs. Chengdu Kanghua Biological | Shanghai Jinfeng vs. Beijing Wantai Biological | Shanghai Jinfeng vs. Suzhou Novoprotein Scientific | Shanghai Jinfeng vs. Aluminum Corp of |
| Jiajia Food vs. Zoy Home Furnishing | Jiajia Food vs. Allmed Medical Products | Jiajia Food vs. Touchstone International Medical | Jiajia Food vs. Shandong Intco Medical |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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