Correlation Between JB Hunt and Jayud Global
Can any of the company-specific risk be diversified away by investing in both JB Hunt 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 JB Hunt and Jayud Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JB Hunt Transport and Jayud Global Logistics, you can compare the effects of market volatilities on JB Hunt 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 JB Hunt with a short position of Jayud Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of JB Hunt and Jayud Global.
Diversification Opportunities for JB Hunt and Jayud Global
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JBHT and Jayud is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding JB Hunt Transport 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 JB Hunt 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 JB Hunt Transport 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 JB Hunt i.e., JB Hunt and Jayud Global go up and down completely randomly.
Pair Corralation between JB Hunt and Jayud Global
Given the investment horizon of 90 days JB Hunt Transport is expected to under-perform the Jayud Global. But the stock apears to be less risky and, when comparing its historical volatility, JB Hunt Transport is 6.77 times less risky than Jayud Global. The stock trades about -0.02 of its potential returns per unit of risk. The Jayud Global Logistics is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 268.00 in Jayud Global Logistics on October 26, 2024 and sell it today you would earn a total of 88.00 from holding Jayud Global Logistics or generate 32.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JB Hunt Transport vs. Jayud Global Logistics
Performance |
| Timeline |
| JB Hunt Transport |
| Jayud Global Logistics |
JB Hunt and Jayud Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JB Hunt and Jayud Global
The main advantage of trading using opposite JB Hunt and Jayud Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JB Hunt 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.| JB Hunt vs. Forward Air | JB Hunt vs. Hub Group | JB Hunt vs. CH Robinson Worldwide | JB Hunt vs. Expeditors International of |
| Jayud Global vs. Biglari Holdings | Jayud Global vs. Amkor Technology | Jayud Global vs. Paysafe | Jayud Global vs. Arrow Electronics |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |