Correlation Between JuneYao Dairy and Jiamei Food
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By analyzing existing cross correlation between JuneYao Dairy Co and Jiamei Food Packaging, you can compare the effects of market volatilities on JuneYao Dairy and Jiamei Food 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 JuneYao Dairy with a short position of Jiamei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Jiamei Food.
Diversification Opportunities for JuneYao Dairy and Jiamei Food
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JuneYao and Jiamei is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Jiamei Food Packaging in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiamei Food Packaging and JuneYao Dairy 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 JuneYao Dairy Co are associated (or correlated) with Jiamei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiamei Food Packaging has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Jiamei Food go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Jiamei Food
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to under-perform the Jiamei Food. In addition to that, JuneYao Dairy is 1.56 times more volatile than Jiamei Food Packaging. It trades about 0.0 of its total potential returns per unit of risk. Jiamei Food Packaging is currently generating about 0.04 per unit of volatility. If you would invest 285.00 in Jiamei Food Packaging on November 3, 2024 and sell it today you would earn a total of 39.00 from holding Jiamei Food Packaging or generate 13.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. Jiamei Food Packaging
Performance |
| Timeline |
| JuneYao Dairy |
| Jiamei Food Packaging |
JuneYao Dairy and Jiamei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Jiamei Food
The main advantage of trading using opposite JuneYao Dairy and Jiamei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Jiamei Food 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 Jiamei Food will offset losses from the drop in Jiamei Food's long position.| JuneYao Dairy vs. Bus Online Co | JuneYao Dairy vs. Holitech Technology Co | JuneYao Dairy vs. Gome Telecom Equipment | JuneYao Dairy vs. Cultural Investment Holdings |
| Jiamei Food vs. Zijin Mining Group | Jiamei Food vs. Wanhua Chemical Group | Jiamei Food vs. Baoshan Iron Steel | Jiamei Food 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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