Correlation Between Jayud Global and Air T
Can any of the company-specific risk be diversified away by investing in both Jayud Global and Air T 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 Jayud Global and Air T into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jayud Global Logistics and Air T Inc, you can compare the effects of market volatilities on Jayud Global and Air T 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 Jayud Global with a short position of Air T. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jayud Global and Air T.
Diversification Opportunities for Jayud Global and Air T
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jayud and Air is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Jayud Global Logistics and Air T Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Air T Inc and Jayud Global 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 Jayud Global Logistics are associated (or correlated) with Air T. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Air T Inc has no effect on the direction of Jayud Global i.e., Jayud Global and Air T go up and down completely randomly.
Pair Corralation between Jayud Global and Air T
Considering the 90-day investment horizon Jayud Global Logistics is expected to generate 6.31 times more return on investment than Air T. However, Jayud Global is 6.31 times more volatile than Air T Inc. It trades about 0.16 of its potential returns per unit of risk. Air T Inc is currently generating about -0.08 per unit of risk. 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 Together |
| Strength | Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Jayud Global Logistics vs. Air T Inc
Performance |
| Timeline |
| Jayud Global Logistics |
| Air T Inc |
Jayud Global and Air T Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jayud Global and Air T
The main advantage of trading using opposite Jayud Global and Air T positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jayud Global position performs unexpectedly, Air T 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 Air T will offset losses from the drop in Air T's long position.| Jayud Global vs. Biglari Holdings | Jayud Global vs. Amkor Technology | Jayud Global vs. Paysafe | Jayud Global vs. Arrow Electronics |
| Air T vs. Addentax Group Corp | Air T vs. Hub Group | Air T vs. Landstar System | Air T vs. JB Hunt Transport |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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