Correlation Between Jayud Global and Lakeside Holding
Can any of the company-specific risk be diversified away by investing in both Jayud Global and Lakeside Holding 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 Lakeside Holding 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 Lakeside Holding Limited, you can compare the effects of market volatilities on Jayud Global and Lakeside Holding 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 Lakeside Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jayud Global and Lakeside Holding.
Diversification Opportunities for Jayud Global and Lakeside Holding
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jayud and Lakeside is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Jayud Global Logistics and Lakeside Holding Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lakeside Holding 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 Lakeside Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lakeside Holding has no effect on the direction of Jayud Global i.e., Jayud Global and Lakeside Holding go up and down completely randomly.
Pair Corralation between Jayud Global and Lakeside Holding
Considering the 90-day investment horizon Jayud Global Logistics is expected to generate 2.82 times more return on investment than Lakeside Holding. However, Jayud Global is 2.82 times more volatile than Lakeside Holding Limited. It trades about 0.25 of its potential returns per unit of risk. Lakeside Holding Limited is currently generating about -0.1 per unit of risk. If you would invest 112.00 in Jayud Global Logistics on October 26, 2024 and sell it today you would earn a total of 255.00 from holding Jayud Global Logistics or generate 227.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jayud Global Logistics vs. Lakeside Holding Limited
Performance |
| Timeline |
| Jayud Global Logistics |
| Lakeside Holding |
Jayud Global and Lakeside Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jayud Global and Lakeside Holding
The main advantage of trading using opposite Jayud Global and Lakeside Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jayud Global position performs unexpectedly, Lakeside Holding 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 Lakeside Holding will offset losses from the drop in Lakeside Holding's long position.| Jayud Global vs. Biglari Holdings | Jayud Global vs. Amkor Technology | Jayud Global vs. Paysafe | Jayud Global vs. Arrow Electronics |
| Lakeside Holding vs. Vishay Intertechnology | Lakeside Holding vs. Universal Music Group | Lakeside Holding vs. KLA Tencor | Lakeside Holding vs. BW Offshore 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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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