Correlation Between JGCHEMICALS and Apex Frozen
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By analyzing existing cross correlation between JGCHEMICALS LIMITED and Apex Frozen Foods, you can compare the effects of market volatilities on JGCHEMICALS and Apex Frozen 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 JGCHEMICALS with a short position of Apex Frozen. Check out your portfolio center. Please also check ongoing floating volatility patterns of JGCHEMICALS and Apex Frozen.
Diversification Opportunities for JGCHEMICALS and Apex Frozen
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between JGCHEMICALS and Apex is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding JGCHEMICALS LIMITED and Apex Frozen Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apex Frozen Foods and JGCHEMICALS 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 JGCHEMICALS LIMITED are associated (or correlated) with Apex Frozen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apex Frozen Foods has no effect on the direction of JGCHEMICALS i.e., JGCHEMICALS and Apex Frozen go up and down completely randomly.
Pair Corralation between JGCHEMICALS and Apex Frozen
Assuming the 90 days trading horizon JGCHEMICALS LIMITED is expected to under-perform the Apex Frozen. In addition to that, JGCHEMICALS is 1.09 times more volatile than Apex Frozen Foods. It trades about -0.04 of its total potential returns per unit of risk. Apex Frozen Foods is currently generating about 0.0 per unit of volatility. If you would invest 24,863 in Apex Frozen Foods on October 18, 2024 and sell it today you would lose (1,348) from holding Apex Frozen Foods or give up 5.42% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JGCHEMICALS LIMITED vs. Apex Frozen Foods
Performance |
| Timeline |
| JGCHEMICALS LIMITED |
| Apex Frozen Foods |
JGCHEMICALS and Apex Frozen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JGCHEMICALS and Apex Frozen
The main advantage of trading using opposite JGCHEMICALS and Apex Frozen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JGCHEMICALS position performs unexpectedly, Apex Frozen 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 Apex Frozen will offset losses from the drop in Apex Frozen's long position.| JGCHEMICALS vs. Le Travenues Technology | JGCHEMICALS vs. Adroit Infotech Limited | JGCHEMICALS vs. LLOYDS METALS AND | JGCHEMICALS vs. Indian Metals Ferro |
| Apex Frozen vs. Asian Hotels Limited | Apex Frozen vs. SINCLAIRS HOTELS ORD | Apex Frozen vs. DIAMINES AND CHEMICALS | Apex Frozen vs. JGCHEMICALS 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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