Correlation Between Camping World and Jiuzi Holdings
Can any of the company-specific risk be diversified away by investing in both Camping World 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 Camping World and Jiuzi Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Camping World Holdings and Jiuzi Holdings, you can compare the effects of market volatilities on Camping World 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 Camping World with a short position of Jiuzi Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Camping World and Jiuzi Holdings.
Diversification Opportunities for Camping World and Jiuzi Holdings
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Camping and Jiuzi is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Camping World Holdings and Jiuzi Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiuzi Holdings and Camping World 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 Camping World Holdings 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 Camping World i.e., Camping World and Jiuzi Holdings go up and down completely randomly.
Pair Corralation between Camping World and Jiuzi Holdings
Considering the 90-day investment horizon Camping World is expected to generate 6.02 times less return on investment than Jiuzi Holdings. But when comparing it to its historical volatility, Camping World Holdings is 3.42 times less risky than Jiuzi Holdings. It trades about 0.01 of its potential returns per unit of risk. Jiuzi Holdings is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 845.00 in Jiuzi Holdings on November 9, 2024 and sell it today you would lose (590.00) from holding Jiuzi Holdings or give up 69.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Camping World Holdings vs. Jiuzi Holdings
Performance |
| Timeline |
| Camping World Holdings |
| Jiuzi Holdings |
Camping World and Jiuzi Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Camping World and Jiuzi Holdings
The main advantage of trading using opposite Camping World and Jiuzi Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Camping World 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.| Camping World vs. Group 1 Automotive | Camping World vs. Sonic Automotive | Camping World vs. Penske Automotive Group | Camping World vs. Lithia Motors |
| 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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets |