Correlation Between Beijing Roborock and Jiahe Foods
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By analyzing existing cross correlation between Beijing Roborock Technology and Jiahe Foods Industry, you can compare the effects of market volatilities on Beijing Roborock and Jiahe Foods 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 Beijing Roborock with a short position of Jiahe Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Jiahe Foods.
Diversification Opportunities for Beijing Roborock and Jiahe Foods
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Jiahe is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Jiahe Foods Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiahe Foods Industry and Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Jiahe Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiahe Foods Industry has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Jiahe Foods go up and down completely randomly.
Pair Corralation between Beijing Roborock and Jiahe Foods
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Jiahe Foods. In addition to that, Beijing Roborock is 1.42 times more volatile than Jiahe Foods Industry. It trades about -0.02 of its total potential returns per unit of risk. Jiahe Foods Industry is currently generating about 0.01 per unit of volatility. If you would invest 1,278 in Jiahe Foods Industry on November 5, 2024 and sell it today you would lose (3.00) from holding Jiahe Foods Industry or give up 0.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Jiahe Foods Industry
Performance |
| Timeline |
| Beijing Roborock Tec |
| Jiahe Foods Industry |
Beijing Roborock and Jiahe Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Jiahe Foods
The main advantage of trading using opposite Beijing Roborock and Jiahe Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Jiahe Foods 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 Jiahe Foods will offset losses from the drop in Jiahe Foods' long position.| Beijing Roborock vs. Beijing Enlight Media | Beijing Roborock vs. Jointo Energy Investment | Beijing Roborock vs. Cultural Investment Holdings | Beijing Roborock vs. Chengdu Xingrong Investment |
| Jiahe Foods vs. China Asset Management | Jiahe Foods vs. AUPU Home Style | Jiahe Foods vs. Cicc Fund Management | Jiahe Foods vs. Quectel Wireless Solutions |
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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