Correlation Between JuneYao Dairy and Kunwu Jiuding
Specify exactly 2 symbols:
By analyzing existing cross correlation between JuneYao Dairy Co and Kunwu Jiuding Investment, you can compare the effects of market volatilities on JuneYao Dairy and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Kunwu Jiuding.
Diversification Opportunities for JuneYao Dairy and Kunwu Jiuding
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between JuneYao and Kunwu is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy Co and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of JuneYao Dairy i.e., JuneYao Dairy and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Kunwu Jiuding
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to under-perform the Kunwu Jiuding. In addition to that, JuneYao Dairy is 1.54 times more volatile than Kunwu Jiuding Investment. It trades about -0.24 of its total potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about -0.34 per unit of volatility. If you would invest 1,630 in Kunwu Jiuding Investment on October 12, 2024 and sell it today you would lose (299.00) from holding Kunwu Jiuding Investment or give up 18.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| JuneYao Dairy |
| Kunwu Jiuding Investment |
JuneYao Dairy and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Kunwu Jiuding
The main advantage of trading using opposite JuneYao Dairy and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| JuneYao Dairy vs. Shanghai Material Trading | JuneYao Dairy vs. Hubei Geoway Investment | JuneYao Dairy vs. Jointo Energy Investment | JuneYao Dairy vs. Nanjing Putian Telecommunications |
| Kunwu Jiuding vs. New Hope Dairy | Kunwu Jiuding vs. JuneYao Dairy Co | Kunwu Jiuding vs. Bohai Leasing Co | Kunwu Jiuding vs. Qingdao Foods Co |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios |