Correlation Between JD Food and Grande Hospitality
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By analyzing existing cross correlation between JD Food PCL and Grande Hospitality Real, you can compare the effects of market volatilities on JD Food and Grande Hospitality 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 JD Food with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of JD Food and Grande Hospitality.
Diversification Opportunities for JD Food and Grande Hospitality
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JDF and Grande is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding JD Food PCL and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and JD Food 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 JD Food PCL are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of JD Food i.e., JD Food and Grande Hospitality go up and down completely randomly.
Pair Corralation between JD Food and Grande Hospitality
Assuming the 90 days trading horizon JD Food PCL is expected to under-perform the Grande Hospitality. In addition to that, JD Food is 1.42 times more volatile than Grande Hospitality Real. It trades about -0.03 of its total potential returns per unit of risk. Grande Hospitality Real is currently generating about 0.02 per unit of volatility. If you would invest 680.00 in Grande Hospitality Real on November 30, 2024 and sell it today you would earn a total of 5.00 from holding Grande Hospitality Real or generate 0.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JD Food PCL vs. Grande Hospitality Real
Performance |
| Timeline |
| JD Food PCL |
| Grande Hospitality Real |
JD Food and Grande Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JD Food and Grande Hospitality
The main advantage of trading using opposite JD Food and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JD Food position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.| JD Food vs. NSL Foods Public | JD Food vs. Chiangmai Frozen Foods | JD Food vs. Communication System Solution | JD Food vs. Tipco Foods Public |
| Grande Hospitality vs. NAT ABSOLUTE TECHNOLOGIES | Grande Hospitality vs. CHUWIT FARM PUBLIC | Grande Hospitality vs. Sriracha Construction Public | Grande Hospitality vs. PTT Global Chemical |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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