Correlation Between Juewei Food and Yunnan Jianzhijia
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By analyzing existing cross correlation between Juewei Food Co and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Juewei Food and Yunnan Jianzhijia 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 Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and Yunnan Jianzhijia.
Diversification Opportunities for Juewei Food and Yunnan Jianzhijia
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juewei and Yunnan is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia 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 Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Juewei Food i.e., Juewei Food and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Juewei Food and Yunnan Jianzhijia
Assuming the 90 days trading horizon Juewei Food Co is expected to generate 1.03 times more return on investment than Yunnan Jianzhijia. However, Juewei Food is 1.03 times more volatile than Yunnan Jianzhijia Health Chain. It trades about 0.1 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about 0.04 per unit of risk. If you would invest 1,725 in Juewei Food Co on September 3, 2024 and sell it today you would earn a total of 267.00 from holding Juewei Food Co or generate 15.48% 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. Yunnan Jianzhijia Health Chain
Performance |
| Timeline |
| Juewei Food |
| Yunnan Jianzhijia |
Juewei Food and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and Yunnan Jianzhijia
The main advantage of trading using opposite Juewei Food and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, Yunnan Jianzhijia 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 Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia'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 |
| Yunnan Jianzhijia vs. Beijing Wantai Biological | Yunnan Jianzhijia vs. Aluminum Corp of | Yunnan Jianzhijia vs. COL Digital Publishing | Yunnan Jianzhijia vs. Shaanxi Meineng Clean |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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