Correlation Between Juewei Food and Vohringer Home
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By analyzing existing cross correlation between Juewei Food Co and Vohringer Home Technology, you can compare the effects of market volatilities on Juewei Food and Vohringer Home 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 Vohringer Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and Vohringer Home.
Diversification Opportunities for Juewei Food and Vohringer Home
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juewei and Vohringer is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and Vohringer Home Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vohringer Home 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 Vohringer Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vohringer Home Technology has no effect on the direction of Juewei Food i.e., Juewei Food and Vohringer Home go up and down completely randomly.
Pair Corralation between Juewei Food and Vohringer Home
Assuming the 90 days trading horizon Juewei Food Co is expected to under-perform the Vohringer Home. But the stock apears to be less risky and, when comparing its historical volatility, Juewei Food Co is 1.07 times less risky than Vohringer Home. The stock trades about -0.07 of its potential returns per unit of risk. The Vohringer Home Technology is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 527.00 in Vohringer Home Technology on September 3, 2024 and sell it today you would lose (32.00) from holding Vohringer Home Technology or give up 6.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juewei Food Co vs. Vohringer Home Technology
Performance |
| Timeline |
| Juewei Food |
| Vohringer Home Technology |
Juewei Food and Vohringer Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and Vohringer Home
The main advantage of trading using opposite Juewei Food and Vohringer Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, Vohringer Home 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 Vohringer Home will offset losses from the drop in Vohringer Home's long position.| Juewei Food vs. Beijing Wantai Biological | Juewei Food vs. Aluminum Corp of | Juewei Food vs. COL Digital Publishing | Juewei Food vs. Shaanxi Meineng Clean |
| Vohringer Home vs. Zijin Mining Group | Vohringer Home vs. Baoshan Iron Steel | Vohringer Home vs. Rongsheng Petrochemical Co | Vohringer Home vs. Hoshine Silicon Ind |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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