Correlation Between Juhayna Food and Nozha International
Can any of the company-specific risk be diversified away by investing in both Juhayna Food and Nozha International 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 Juhayna Food and Nozha International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Juhayna Food Industries and Nozha International Hospital, you can compare the effects of market volatilities on Juhayna Food and Nozha International 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 Juhayna Food with a short position of Nozha International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juhayna Food and Nozha International.
Diversification Opportunities for Juhayna Food and Nozha International
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juhayna and Nozha is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Juhayna Food Industries and Nozha International Hospital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nozha International and Juhayna 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 Juhayna Food Industries are associated (or correlated) with Nozha International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nozha International has no effect on the direction of Juhayna Food i.e., Juhayna Food and Nozha International go up and down completely randomly.
Pair Corralation between Juhayna Food and Nozha International
Assuming the 90 days trading horizon Juhayna Food Industries is expected to under-perform the Nozha International. In addition to that, Juhayna Food is 10.11 times more volatile than Nozha International Hospital. It trades about -0.17 of its total potential returns per unit of risk. Nozha International Hospital is currently generating about 0.27 per unit of volatility. If you would invest 855.00 in Nozha International Hospital on January 14, 2025 and sell it today you would earn a total of 10.00 from holding Nozha International Hospital or generate 1.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juhayna Food Industries vs. Nozha International Hospital
Performance |
| Timeline |
| Juhayna Food Industries |
| Nozha International |
Juhayna Food and Nozha International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juhayna Food and Nozha International
The main advantage of trading using opposite Juhayna Food and Nozha International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juhayna Food position performs unexpectedly, Nozha International 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 Nozha International will offset losses from the drop in Nozha International's long position.| Juhayna Food vs. Ezz Steel | Juhayna Food vs. B Investments Holding | Juhayna Food vs. AJWA for Food | Juhayna Food vs. Misr National Steel |
| Nozha International vs. Edita Food Industries | Nozha International vs. Alexandria New Medical | Nozha International vs. Arabian Food Industries | Nozha International vs. Sidi Kerir Petrochemicals |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |