Correlation Between Jiahe Foods and Changjiang Publishing
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By analyzing existing cross correlation between Jiahe Foods Industry and Changjiang Publishing Media, you can compare the effects of market volatilities on Jiahe Foods and Changjiang Publishing 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 Jiahe Foods with a short position of Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiahe Foods and Changjiang Publishing.
Diversification Opportunities for Jiahe Foods and Changjiang Publishing
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jiahe and Changjiang is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Jiahe Foods Industry and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing and Jiahe Foods 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 Jiahe Foods Industry are associated (or correlated) with Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of Jiahe Foods i.e., Jiahe Foods and Changjiang Publishing go up and down completely randomly.
Pair Corralation between Jiahe Foods and Changjiang Publishing
Assuming the 90 days trading horizon Jiahe Foods Industry is expected to generate 1.58 times more return on investment than Changjiang Publishing. However, Jiahe Foods is 1.58 times more volatile than Changjiang Publishing Media. It trades about -0.08 of its potential returns per unit of risk. Changjiang Publishing Media is currently generating about -0.16 per unit of risk. If you would invest 1,368 in Jiahe Foods Industry on October 26, 2024 and sell it today you would lose (75.00) from holding Jiahe Foods Industry or give up 5.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiahe Foods Industry vs. Changjiang Publishing Media
Performance |
| Timeline |
| Jiahe Foods Industry |
| Changjiang Publishing |
Jiahe Foods and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiahe Foods and Changjiang Publishing
The main advantage of trading using opposite Jiahe Foods and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiahe Foods position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| Jiahe Foods vs. Kweichow Moutai Co | Jiahe Foods vs. Contemporary Amperex Technology | Jiahe Foods vs. G bits Network Technology | Jiahe Foods vs. Beijing Roborock Technology |
| Changjiang Publishing vs. Bus Online Co | Changjiang Publishing vs. Holitech Technology Co | Changjiang Publishing vs. Gome Telecom Equipment | Changjiang Publishing vs. Cultural Investment Holdings |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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