Correlation Between Autozi Internet and Jiuzi Holdings
Can any of the company-specific risk be diversified away by investing in both Autozi Internet and Jiuzi Holdings 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 Autozi Internet and Jiuzi Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Autozi Internet Technology and Jiuzi Holdings, you can compare the effects of market volatilities on Autozi Internet and Jiuzi Holdings 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 Autozi Internet with a short position of Jiuzi Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Autozi Internet and Jiuzi Holdings.
Diversification Opportunities for Autozi Internet and Jiuzi Holdings
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Autozi and Jiuzi is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Autozi Internet Technology and Jiuzi Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiuzi Holdings and Autozi Internet 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 Autozi Internet Technology are associated (or correlated) with Jiuzi Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiuzi Holdings has no effect on the direction of Autozi Internet i.e., Autozi Internet and Jiuzi Holdings go up and down completely randomly.
Pair Corralation between Autozi Internet and Jiuzi Holdings
Considering the 90-day investment horizon Autozi Internet Technology is expected to generate 5.41 times more return on investment than Jiuzi Holdings. However, Autozi Internet is 5.41 times more volatile than Jiuzi Holdings. It trades about 0.28 of its potential returns per unit of risk. Jiuzi Holdings is currently generating about -0.22 per unit of risk. If you would invest 77.00 in Autozi Internet Technology on August 28, 2024 and sell it today you would earn a total of 92.00 from holding Autozi Internet Technology or generate 119.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Autozi Internet Technology vs. Jiuzi Holdings
Performance |
| Timeline |
| Autozi Internet Tech |
| Jiuzi Holdings |
Autozi Internet and Jiuzi Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Autozi Internet and Jiuzi Holdings
The main advantage of trading using opposite Autozi Internet and Jiuzi Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Autozi Internet position performs unexpectedly, Jiuzi Holdings 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 Jiuzi Holdings will offset losses from the drop in Jiuzi Holdings' long position.| Autozi Internet vs. Inter Parfums | Autozi Internet vs. Vera Bradley | Autozi Internet vs. Toro Co | Autozi Internet vs. Procter Gamble |
| Jiuzi Holdings vs. SunCar Technology Group | Jiuzi Holdings vs. Vroom Inc | Jiuzi Holdings vs. Carvana Co | Jiuzi Holdings vs. Uxin |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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