Correlation Between Caseys General and JIAHUA STORES
Can any of the company-specific risk be diversified away by investing in both Caseys General and JIAHUA STORES 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 Caseys General and JIAHUA STORES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Caseys General Stores and JIAHUA STORES, you can compare the effects of market volatilities on Caseys General and JIAHUA STORES 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 Caseys General with a short position of JIAHUA STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Caseys General and JIAHUA STORES.
Diversification Opportunities for Caseys General and JIAHUA STORES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Caseys and JIAHUA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Caseys General Stores and JIAHUA STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIAHUA STORES and Caseys General 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 Caseys General Stores are associated (or correlated) with JIAHUA STORES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIAHUA STORES has no effect on the direction of Caseys General i.e., Caseys General and JIAHUA STORES go up and down completely randomly.
Pair Corralation between Caseys General and JIAHUA STORES
If you would invest 36,150 in Caseys General Stores on September 1, 2024 and sell it today you would earn a total of 3,450 from holding Caseys General Stores or generate 9.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Caseys General Stores vs. JIAHUA STORES
Performance |
| Timeline |
| Caseys General Stores |
| JIAHUA STORES |
Caseys General and JIAHUA STORES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Caseys General and JIAHUA STORES
The main advantage of trading using opposite Caseys General and JIAHUA STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Caseys General position performs unexpectedly, JIAHUA STORES 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 JIAHUA STORES will offset losses from the drop in JIAHUA STORES's long position.| Caseys General vs. Apple Inc | Caseys General vs. Apple Inc | Caseys General vs. Apple Inc | Caseys General vs. Apple Inc |
| JIAHUA STORES vs. SIVERS SEMICONDUCTORS AB | JIAHUA STORES vs. Darden Restaurants | JIAHUA STORES vs. Reliance Steel Aluminum | JIAHUA STORES vs. Q2M Managementberatung AG |
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
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |