Correlation Between Fujian Anjoy and Jiangxi JDL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Fujian Anjoy Foods and Jiangxi JDL Environmental, you can compare the effects of market volatilities on Fujian Anjoy and Jiangxi JDL 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 Fujian Anjoy with a short position of Jiangxi JDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Jiangxi JDL.
Diversification Opportunities for Fujian Anjoy and Jiangxi JDL
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Fujian and Jiangxi is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Jiangxi JDL Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi JDL Environmental and Fujian Anjoy 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 Fujian Anjoy Foods are associated (or correlated) with Jiangxi JDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi JDL Environmental has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Jiangxi JDL go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Jiangxi JDL
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to under-perform the Jiangxi JDL. In addition to that, Fujian Anjoy is 1.19 times more volatile than Jiangxi JDL Environmental. It trades about -0.01 of its total potential returns per unit of risk. Jiangxi JDL Environmental is currently generating about 0.0 per unit of volatility. If you would invest 1,351 in Jiangxi JDL Environmental on September 14, 2024 and sell it today you would lose (103.00) from holding Jiangxi JDL Environmental or give up 7.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Anjoy Foods vs. Jiangxi JDL Environmental
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Jiangxi JDL Environmental |
Fujian Anjoy and Jiangxi JDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Jiangxi JDL
The main advantage of trading using opposite Fujian Anjoy and Jiangxi JDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Jiangxi JDL 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 Jiangxi JDL will offset losses from the drop in Jiangxi JDL's long position.| Fujian Anjoy vs. Jiangxi JDL Environmental | Fujian Anjoy vs. Hainan Haiqi Transportation | Fujian Anjoy vs. Changjiang Jinggong Steel | Fujian Anjoy vs. Anyang Iron Steel |
| Jiangxi JDL vs. Lutian Machinery Co | Jiangxi JDL vs. China Longyuan Power | Jiangxi JDL vs. PetroChina Co Ltd | Jiangxi JDL vs. Bank of China |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |