Correlation Between Hub and Jayud Global
Can any of the company-specific risk be diversified away by investing in both Hub and Jayud Global 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 Hub and Jayud Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hub Group and Jayud Global Logistics, you can compare the effects of market volatilities on Hub and Jayud Global 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 Hub with a short position of Jayud Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hub and Jayud Global.
Diversification Opportunities for Hub and Jayud Global
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hub and Jayud is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Hub Group and Jayud Global Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jayud Global Logistics and Hub 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 Hub Group are associated (or correlated) with Jayud Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jayud Global Logistics has no effect on the direction of Hub i.e., Hub and Jayud Global go up and down completely randomly.
Pair Corralation between Hub and Jayud Global
Given the investment horizon of 90 days Hub Group is expected to generate 0.24 times more return on investment than Jayud Global. However, Hub Group is 4.24 times less risky than Jayud Global. It trades about 0.05 of its potential returns per unit of risk. Jayud Global Logistics is currently generating about 0.0 per unit of risk. If you would invest 3,890 in Hub Group on August 28, 2024 and sell it today you would earn a total of 1,430 from holding Hub Group or generate 36.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 85.08% |
| Values | Daily Returns |
Hub Group vs. Jayud Global Logistics
Performance |
| Timeline |
| Hub Group |
| Jayud Global Logistics |
Hub and Jayud Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hub and Jayud Global
The main advantage of trading using opposite Hub and Jayud Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hub position performs unexpectedly, Jayud Global 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 Jayud Global will offset losses from the drop in Jayud Global's long position.| Hub vs. Aquagold International | Hub vs. Morningstar Unconstrained Allocation | Hub vs. Thrivent High Yield | Hub vs. Via Renewables |
| Jayud Global vs. Stepan Company | Jayud Global vs. CF Industries Holdings | Jayud Global vs. China Tontine Wines | Jayud Global vs. Diageo PLC ADR |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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