Correlation Between JD SPORTS and AOI Electronics

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both JD SPORTS and AOI Electronics at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining JD SPORTS and AOI Electronics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JD SPORTS FASH and AOI Electronics Co, you can compare the effects of market volatilities on JD SPORTS and AOI Electronics 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 JD SPORTS with a short position of AOI Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of JD SPORTS and AOI Electronics.

Diversification Opportunities for JD SPORTS and AOI Electronics

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between 9JD and AOI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JD SPORTS FASH and AOI Electronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AOI Electronics and JD SPORTS 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 JD SPORTS FASH are associated (or correlated) with AOI Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AOI Electronics has no effect on the direction of JD SPORTS i.e., JD SPORTS and AOI Electronics go up and down completely randomly.

Pair Corralation between JD SPORTS and AOI Electronics

If you would invest  1,868  in AOI Electronics Co on October 15, 2024 and sell it today you would earn a total of  0.00  from holding AOI Electronics Co or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.8%
ValuesDaily Returns

JD SPORTS FASH  vs.  AOI Electronics Co

 Performance 
       Timeline  
JD SPORTS FASH 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days JD SPORTS FASH has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in February 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.
AOI Electronics 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days AOI Electronics Co has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, AOI Electronics is not utilizing all of its potentials. The current stock price uproar, may contribute to short-horizon losses for the private investors.

JD SPORTS and AOI Electronics Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with JD SPORTS and AOI Electronics

The main advantage of trading using opposite JD SPORTS and AOI Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JD SPORTS position performs unexpectedly, AOI Electronics 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 AOI Electronics will offset losses from the drop in AOI Electronics' long position.
JD SPORTS vs. Liberty Broadband
JD SPORTS vs. CanSino Biologics
JD SPORTS vs. ScanSource
JD SPORTS vs. NAGOYA RAILROAD
The idea behind JD SPORTS FASH and AOI Electronics Co pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
AOI Electronics vs. ADRIATIC METALS LS 013355
AOI Electronics vs. VULCAN MATERIALS
AOI Electronics vs. The Yokohama Rubber
AOI Electronics vs. Compagnie Plastic Omnium
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.

Other Complementary Tools

Price Exposure Probability
Analyze equity upside and downside potential for a given time horizon across multiple markets
Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Piotroski F Score
Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals
Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.
Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY