Correlation Between Giantec Semiconductor and Jiajia Food
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By analyzing existing cross correlation between Giantec Semiconductor Corp and Jiajia Food Group, you can compare the effects of market volatilities on Giantec Semiconductor and Jiajia 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 Giantec Semiconductor with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Giantec Semiconductor and Jiajia Food.
Diversification Opportunities for Giantec Semiconductor and Jiajia Food
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Giantec and Jiajia is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Giantec Semiconductor Corp and Jiajia Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiajia Food Group and Giantec Semiconductor 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 Giantec Semiconductor Corp are associated (or correlated) with Jiajia Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiajia Food Group has no effect on the direction of Giantec Semiconductor i.e., Giantec Semiconductor and Jiajia Food go up and down completely randomly.
Pair Corralation between Giantec Semiconductor and Jiajia Food
Assuming the 90 days trading horizon Giantec Semiconductor Corp is expected to generate 2.59 times more return on investment than Jiajia Food. However, Giantec Semiconductor is 2.59 times more volatile than Jiajia Food Group. It trades about 0.27 of its potential returns per unit of risk. Jiajia Food Group is currently generating about 0.19 per unit of risk. If you would invest 5,481 in Giantec Semiconductor Corp on November 5, 2024 and sell it today you would earn a total of 1,383 from holding Giantec Semiconductor Corp or generate 25.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Giantec Semiconductor Corp vs. Jiajia Food Group
Performance |
| Timeline |
| Giantec Semiconductor |
| Jiajia Food Group |
Giantec Semiconductor and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Giantec Semiconductor and Jiajia Food
The main advantage of trading using opposite Giantec Semiconductor and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Giantec Semiconductor position performs unexpectedly, Jiajia 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 Jiajia Food will offset losses from the drop in Jiajia Food's long position.| Giantec Semiconductor vs. Hengli Industrial Development | Giantec Semiconductor vs. Zhengzhou Coal Mining | Giantec Semiconductor vs. Senci Electric Machinery | Giantec Semiconductor vs. Masterwork Machinery |
| Jiajia Food vs. GRG Banking Equipment | Jiajia Food vs. Bank of Communications | Jiajia Food vs. HeNan Splendor Science | Jiajia Food vs. Sinomach Automobile 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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