Correlation Between Genco Shipping and JIAHUA STORES
Can any of the company-specific risk be diversified away by investing in both Genco Shipping 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 Genco Shipping and JIAHUA STORES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Genco Shipping Trading and JIAHUA STORES, you can compare the effects of market volatilities on Genco Shipping 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 Genco Shipping with a short position of JIAHUA STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genco Shipping and JIAHUA STORES.
Diversification Opportunities for Genco Shipping and JIAHUA STORES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genco and JIAHUA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Genco Shipping Trading and JIAHUA STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIAHUA STORES and Genco Shipping 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 Genco Shipping Trading 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 Genco Shipping i.e., Genco Shipping and JIAHUA STORES go up and down completely randomly.
Pair Corralation between Genco Shipping and JIAHUA STORES
If you would invest 1,144 in Genco Shipping Trading on September 5, 2024 and sell it today you would earn a total of 361.00 from holding Genco Shipping Trading or generate 31.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Genco Shipping Trading vs. JIAHUA STORES
Performance |
| Timeline |
| Genco Shipping Trading |
| JIAHUA STORES |
Genco Shipping and JIAHUA STORES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genco Shipping and JIAHUA STORES
The main advantage of trading using opposite Genco Shipping and JIAHUA STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genco Shipping 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.| Genco Shipping vs. Wilh Wilhelmsen Holding | Genco Shipping vs. Superior Plus Corp | Genco Shipping vs. NMI Holdings | Genco Shipping vs. Origin Agritech |
| JIAHUA STORES vs. TOTAL GABON | JIAHUA STORES vs. Walgreens Boots Alliance | JIAHUA STORES vs. Peak Resources Limited |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |