Correlation Between JIAHUA STORES and Apple
Can any of the company-specific risk be diversified away by investing in both JIAHUA STORES and Apple 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 JIAHUA STORES and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JIAHUA STORES and Apple Inc, you can compare the effects of market volatilities on JIAHUA STORES and Apple 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 JIAHUA STORES with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of JIAHUA STORES and Apple.
Diversification Opportunities for JIAHUA STORES and Apple
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JIAHUA and Apple is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JIAHUA STORES and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and JIAHUA STORES 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 JIAHUA STORES are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of JIAHUA STORES i.e., JIAHUA STORES and Apple go up and down completely randomly.
Pair Corralation between JIAHUA STORES and Apple
If you would invest 13,911 in Apple Inc on August 24, 2024 and sell it today you would earn a total of 7,984 from holding Apple Inc or generate 57.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
JIAHUA STORES vs. Apple Inc
Performance |
| Timeline |
| JIAHUA STORES |
| Apple Inc |
JIAHUA STORES and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JIAHUA STORES and Apple
The main advantage of trading using opposite JIAHUA STORES and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JIAHUA STORES position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| JIAHUA STORES vs. Renesas Electronics | JIAHUA STORES vs. Hyrican Informationssysteme Aktiengesellschaft | JIAHUA STORES vs. INFORMATION SVC GRP | JIAHUA STORES vs. ARROW ELECTRONICS |
| Apple vs. INFORMATION SVC GRP | Apple vs. DATANG INTL POW | Apple vs. JIAHUA STORES | Apple vs. Qurate Retail Series |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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