Correlation Between Jiahe Foods and Aluminum Corp
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By analyzing existing cross correlation between Jiahe Foods Industry and Aluminum Corp of, you can compare the effects of market volatilities on Jiahe Foods and Aluminum Corp 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 Aluminum Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiahe Foods and Aluminum Corp.
Diversification Opportunities for Jiahe Foods and Aluminum Corp
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jiahe and Aluminum is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Jiahe Foods Industry and Aluminum Corp of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aluminum Corp 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 Aluminum Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aluminum Corp has no effect on the direction of Jiahe Foods i.e., Jiahe Foods and Aluminum Corp go up and down completely randomly.
Pair Corralation between Jiahe Foods and Aluminum Corp
Assuming the 90 days trading horizon Jiahe Foods Industry is expected to under-perform the Aluminum Corp. In addition to that, Jiahe Foods is 1.23 times more volatile than Aluminum Corp of. It trades about -0.02 of its total potential returns per unit of risk. Aluminum Corp of is currently generating about 0.05 per unit of volatility. If you would invest 569.00 in Aluminum Corp of on October 16, 2024 and sell it today you would earn a total of 174.00 from holding Aluminum Corp of or generate 30.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiahe Foods Industry vs. Aluminum Corp of
Performance |
| Timeline |
| Jiahe Foods Industry |
| Aluminum Corp |
Jiahe Foods and Aluminum Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiahe Foods and Aluminum Corp
The main advantage of trading using opposite Jiahe Foods and Aluminum Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiahe Foods position performs unexpectedly, Aluminum Corp 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 Aluminum Corp will offset losses from the drop in Aluminum Corp's long position.| Jiahe Foods vs. Tianjin Silvery Dragon | Jiahe Foods vs. Leyard Optoelectronic | Jiahe Foods vs. Xinjiang Baodi Mining | Jiahe Foods vs. Jinhui Mining Co |
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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