Correlation Between Analog Devices and Jayud Global
Can any of the company-specific risk be diversified away by investing in both Analog Devices and Jayud Global 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 Analog Devices and Jayud Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Analog Devices and Jayud Global Logistics, you can compare the effects of market volatilities on Analog Devices and Jayud Global 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 Analog Devices with a short position of Jayud Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Analog Devices and Jayud Global.
Diversification Opportunities for Analog Devices and Jayud Global
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Analog and Jayud is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Analog Devices and Jayud Global Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jayud Global Logistics and Analog Devices 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 Analog Devices are associated (or correlated) with Jayud Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jayud Global Logistics has no effect on the direction of Analog Devices i.e., Analog Devices and Jayud Global go up and down completely randomly.
Pair Corralation between Analog Devices and Jayud Global
Considering the 90-day investment horizon Analog Devices is expected to under-perform the Jayud Global. But the stock apears to be less risky and, when comparing its historical volatility, Analog Devices is 7.49 times less risky than Jayud Global. The stock trades about -0.01 of its potential returns per unit of risk. The Jayud Global Logistics is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 320.00 in Jayud Global Logistics on November 1, 2024 and sell it today you would earn a total of 39.00 from holding Jayud Global Logistics or generate 12.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Analog Devices vs. Jayud Global Logistics
Performance |
| Timeline |
| Analog Devices |
| Jayud Global Logistics |
Analog Devices and Jayud Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Analog Devices and Jayud Global
The main advantage of trading using opposite Analog Devices and Jayud Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Analog Devices position performs unexpectedly, Jayud Global 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 Jayud Global will offset losses from the drop in Jayud Global's long position.| Analog Devices vs. Diodes Incorporated | Analog Devices vs. Daqo New Energy | Analog Devices vs. Micron Technology | Analog Devices vs. MagnaChip Semiconductor |
| Jayud Global vs. EMCOR Group | Jayud Global vs. Hurco Companies | Jayud Global vs. Morgan Advanced Materials | Jayud Global vs. Kaiser Aluminum |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |