Correlation Between Juewei Food and Hunan TV
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By analyzing existing cross correlation between Juewei Food Co and Hunan TV Broadcast, you can compare the effects of market volatilities on Juewei Food and Hunan TV 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 Juewei Food with a short position of Hunan TV. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and Hunan TV.
Diversification Opportunities for Juewei Food and Hunan TV
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juewei and Hunan is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and Hunan TV Broadcast in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan TV Broadcast and Juewei Food 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 Juewei Food Co are associated (or correlated) with Hunan TV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan TV Broadcast has no effect on the direction of Juewei Food i.e., Juewei Food and Hunan TV go up and down completely randomly.
Pair Corralation between Juewei Food and Hunan TV
Assuming the 90 days trading horizon Juewei Food is expected to generate 3.44 times less return on investment than Hunan TV. But when comparing it to its historical volatility, Juewei Food Co is 1.65 times less risky than Hunan TV. It trades about 0.08 of its potential returns per unit of risk. Hunan TV Broadcast is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 627.00 in Hunan TV Broadcast on August 25, 2024 and sell it today you would earn a total of 146.00 from holding Hunan TV Broadcast or generate 23.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juewei Food Co vs. Hunan TV Broadcast
Performance |
| Timeline |
| Juewei Food |
| Hunan TV Broadcast |
Juewei Food and Hunan TV Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and Hunan TV
The main advantage of trading using opposite Juewei Food and Hunan TV positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, Hunan TV 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 Hunan TV will offset losses from the drop in Hunan TV's long position.| Juewei Food vs. China Petroleum Chemical | Juewei Food vs. PetroChina Co Ltd | Juewei Food vs. China State Construction | Juewei Food vs. China Railway Group |
| Hunan TV vs. Nexchip Semiconductor Corp | Hunan TV vs. Juewei Food Co | Hunan TV vs. Jinling Hotel Corp | Hunan TV vs. Southchip Semiconductor Technology |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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