Correlation Between Juewei Food and Beijing Sinnet
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By analyzing existing cross correlation between Juewei Food Co and Beijing Sinnet Technology, you can compare the effects of market volatilities on Juewei Food and Beijing Sinnet 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 Beijing Sinnet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and Beijing Sinnet.
Diversification Opportunities for Juewei Food and Beijing Sinnet
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juewei and Beijing is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and Beijing Sinnet Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Sinnet Technology 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 Beijing Sinnet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Sinnet Technology has no effect on the direction of Juewei Food i.e., Juewei Food and Beijing Sinnet go up and down completely randomly.
Pair Corralation between Juewei Food and Beijing Sinnet
Assuming the 90 days trading horizon Juewei Food Co is expected to under-perform the Beijing Sinnet. But the stock apears to be less risky and, when comparing its historical volatility, Juewei Food Co is 1.12 times less risky than Beijing Sinnet. The stock trades about -0.07 of its potential returns per unit of risk. The Beijing Sinnet Technology is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 875.00 in Beijing Sinnet Technology on August 29, 2024 and sell it today you would earn a total of 210.00 from holding Beijing Sinnet Technology or generate 24.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juewei Food Co vs. Beijing Sinnet Technology
Performance |
| Timeline |
| Juewei Food |
| Beijing Sinnet Technology |
Juewei Food and Beijing Sinnet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and Beijing Sinnet
The main advantage of trading using opposite Juewei Food and Beijing Sinnet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, Beijing Sinnet 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 Beijing Sinnet will offset losses from the drop in Beijing Sinnet's long position.| Juewei Food vs. Uxi Unicomp Technology | Juewei Food vs. Kunshan Guoli Electronic | Juewei Food vs. Success Electronics | Juewei Food vs. ROPEOK Technology Group |
| Beijing Sinnet vs. Malion New Materials | Beijing Sinnet vs. Holitech Technology Co | Beijing Sinnet vs. Bomesc Offshore Engineering | Beijing Sinnet vs. Offshore Oil Engineering |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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