Correlation Between Grande Hospitality and JD Food
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By analyzing existing cross correlation between Grande Hospitality Real and JD Food PCL, you can compare the effects of market volatilities on Grande Hospitality and JD Food 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 Grande Hospitality with a short position of JD Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and JD Food.
Diversification Opportunities for Grande Hospitality and JD Food
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Grande and JDF is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and JD Food PCL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JD Food PCL and Grande Hospitality 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 Grande Hospitality Real are associated (or correlated) with JD Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JD Food PCL has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and JD Food go up and down completely randomly.
Pair Corralation between Grande Hospitality and JD Food
Assuming the 90 days trading horizon Grande Hospitality Real is expected to generate 0.51 times more return on investment than JD Food. However, Grande Hospitality Real is 1.97 times less risky than JD Food. It trades about 0.01 of its potential returns per unit of risk. JD Food PCL is currently generating about -0.09 per unit of risk. If you would invest 649.00 in Grande Hospitality Real on September 3, 2024 and sell it today you would earn a total of 1.00 from holding Grande Hospitality Real or generate 0.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grande Hospitality Real vs. JD Food PCL
Performance |
| Timeline |
| Grande Hospitality Real |
| JD Food PCL |
Grande Hospitality and JD Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and JD Food
The main advantage of trading using opposite Grande Hospitality and JD Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, JD Food 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 JD Food will offset losses from the drop in JD Food's long position.| Grande Hospitality vs. Ramkhamhaeng Hospital Public | Grande Hospitality vs. BPS TECHNOLOGY PUBLIC | Grande Hospitality vs. SAF Special Steel | Grande Hospitality vs. S Hotels and |
| JD Food vs. Nova Organic PCL | JD Food vs. TISCO Financial Group | JD Food vs. Thai Coating Industrial | JD Food vs. Central Retail |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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