Correlation Between Juewei Food and Malion New
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By analyzing existing cross correlation between Juewei Food Co and Malion New Materials, you can compare the effects of market volatilities on Juewei Food and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and Malion New.
Diversification Opportunities for Juewei Food and Malion New
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juewei and Malion is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Juewei Food i.e., Juewei Food and Malion New go up and down completely randomly.
Pair Corralation between Juewei Food and Malion New
Assuming the 90 days trading horizon Juewei Food Co is expected to generate 1.13 times more return on investment than Malion New. However, Juewei Food is 1.13 times more volatile than Malion New Materials. It trades about 0.05 of its potential returns per unit of risk. Malion New Materials is currently generating about 0.03 per unit of risk. If you would invest 1,870 in Juewei Food Co on August 30, 2024 and sell it today you would earn a total of 48.00 from holding Juewei Food Co or generate 2.57% 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. Malion New Materials
Performance |
| Timeline |
| Juewei Food |
| Malion New Materials |
Juewei Food and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and Malion New
The main advantage of trading using opposite Juewei Food and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Juewei Food vs. Industrial and Commercial | Juewei Food vs. China Construction Bank | Juewei Food vs. Agricultural Bank of | Juewei Food vs. Bank of China |
| Malion New vs. Zijin Mining Group | Malion New vs. Wanhua Chemical Group | Malion New vs. Baoshan Iron Steel | Malion New vs. Shandong Gold Mining |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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