Correlation Between Orinko Advanced and Jiajia Food
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By analyzing existing cross correlation between Orinko Advanced Plastics and Jiajia Food Group, you can compare the effects of market volatilities on Orinko Advanced 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 Orinko Advanced with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orinko Advanced and Jiajia Food.
Diversification Opportunities for Orinko Advanced and Jiajia Food
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Orinko and Jiajia is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Orinko Advanced Plastics 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 Orinko Advanced 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 Orinko Advanced Plastics 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 Orinko Advanced i.e., Orinko Advanced and Jiajia Food go up and down completely randomly.
Pair Corralation between Orinko Advanced and Jiajia Food
Assuming the 90 days trading horizon Orinko Advanced Plastics is expected to generate 1.07 times more return on investment than Jiajia Food. However, Orinko Advanced is 1.07 times more volatile than Jiajia Food Group. It trades about 0.01 of its potential returns per unit of risk. Jiajia Food Group is currently generating about -0.2 per unit of risk. If you would invest 1,102 in Orinko Advanced Plastics on October 17, 2024 and sell it today you would lose (5.00) from holding Orinko Advanced Plastics or give up 0.45% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Orinko Advanced Plastics vs. Jiajia Food Group
Performance |
| Timeline |
| Orinko Advanced Plastics |
| Jiajia Food Group |
Orinko Advanced and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orinko Advanced and Jiajia Food
The main advantage of trading using opposite Orinko Advanced and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orinko Advanced 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.| Orinko Advanced vs. Zijin Mining Group | Orinko Advanced vs. Wanhua Chemical Group | Orinko Advanced vs. Baoshan Iron Steel | Orinko Advanced vs. Shandong Gold Mining |
| Jiajia Food vs. Orinko Advanced Plastics | Jiajia Food vs. Chongqing Sulian Plastic | Jiajia Food vs. Ningxia Building Materials | Jiajia Food vs. Henan Shuanghui Investment |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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