Correlation Between Eastroc Beverage and Jahen Household
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By analyzing existing cross correlation between Eastroc Beverage Group and Jahen Household Products, you can compare the effects of market volatilities on Eastroc Beverage and Jahen Household 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 Eastroc Beverage with a short position of Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Jahen Household.
Diversification Opportunities for Eastroc Beverage and Jahen Household
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Eastroc and Jahen is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Jahen Household go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Jahen Household
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 0.46 times more return on investment than Jahen Household. However, Eastroc Beverage Group is 2.19 times less risky than Jahen Household. It trades about 0.17 of its potential returns per unit of risk. Jahen Household Products is currently generating about -0.01 per unit of risk. If you would invest 22,820 in Eastroc Beverage Group on October 14, 2024 and sell it today you would earn a total of 4,876 from holding Eastroc Beverage Group or generate 21.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Jahen Household Products
Performance |
| Timeline |
| Eastroc Beverage |
| Jahen Household Products |
Eastroc Beverage and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Jahen Household
The main advantage of trading using opposite Eastroc Beverage and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| Eastroc Beverage vs. Hunan Mendale Hometextile | Eastroc Beverage vs. Qumei Furniture Group | Eastroc Beverage vs. DO Home Collection | Eastroc Beverage vs. Luolai Home Textile |
| Jahen Household vs. HaiXin Foods Co | Jahen Household vs. Guangdong Wens Foodstuff | Jahen Household vs. Eastroc Beverage Group | Jahen Household vs. China World Trade |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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