Correlation Between Juewei Food and Guilin Seamild
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By analyzing existing cross correlation between Juewei Food Co and Guilin Seamild Foods, you can compare the effects of market volatilities on Juewei Food and Guilin Seamild 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 Guilin Seamild. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and Guilin Seamild.
Diversification Opportunities for Juewei Food and Guilin Seamild
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Juewei and Guilin is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and Guilin Seamild Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guilin Seamild Foods 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 Guilin Seamild. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guilin Seamild Foods has no effect on the direction of Juewei Food i.e., Juewei Food and Guilin Seamild go up and down completely randomly.
Pair Corralation between Juewei Food and Guilin Seamild
Assuming the 90 days trading horizon Juewei Food Co is expected to under-perform the Guilin Seamild. In addition to that, Juewei Food is 1.14 times more volatile than Guilin Seamild Foods. It trades about -0.09 of its total potential returns per unit of risk. Guilin Seamild Foods is currently generating about 0.02 per unit of volatility. If you would invest 1,360 in Guilin Seamild Foods on October 16, 2024 and sell it today you would earn a total of 167.00 from holding Guilin Seamild Foods or generate 12.28% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Juewei Food Co vs. Guilin Seamild Foods
Performance |
Timeline |
Juewei Food |
Guilin Seamild Foods |
Juewei Food and Guilin Seamild Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Juewei Food and Guilin Seamild
The main advantage of trading using opposite Juewei Food and Guilin Seamild positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, Guilin Seamild 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 Guilin Seamild will offset losses from the drop in Guilin Seamild's long position.Juewei Food vs. Jinhui Liquor Co | Juewei Food vs. Guangzhou KDT Machinery | Juewei Food vs. Shantui Construction Machinery | Juewei Food vs. Shenzhen Zhongzhuang Construction |
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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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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