Correlation Between MOOG INC and JIAHUA STORES
Can any of the company-specific risk be diversified away by investing in both MOOG INC and JIAHUA STORES 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 MOOG INC and JIAHUA STORES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MOOG INC CL and JIAHUA STORES, you can compare the effects of market volatilities on MOOG INC and JIAHUA STORES 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 MOOG INC with a short position of JIAHUA STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of MOOG INC and JIAHUA STORES.
Diversification Opportunities for MOOG INC and JIAHUA STORES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MOOG and JIAHUA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MOOG INC CL and JIAHUA STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIAHUA STORES and MOOG INC 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 MOOG INC CL are associated (or correlated) with JIAHUA STORES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIAHUA STORES has no effect on the direction of MOOG INC i.e., MOOG INC and JIAHUA STORES go up and down completely randomly.
Pair Corralation between MOOG INC and JIAHUA STORES
If you would invest 1.90 in JIAHUA STORES on September 12, 2024 and sell it today you would earn a total of 0.00 from holding JIAHUA STORES or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
MOOG INC CL vs. JIAHUA STORES
Performance |
| Timeline |
| MOOG INC CL |
| JIAHUA STORES |
MOOG INC and JIAHUA STORES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MOOG INC and JIAHUA STORES
The main advantage of trading using opposite MOOG INC and JIAHUA STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MOOG INC position performs unexpectedly, JIAHUA STORES 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 JIAHUA STORES will offset losses from the drop in JIAHUA STORES's long position.| MOOG INC vs. GameStop Corp | MOOG INC vs. FUTURE GAMING GRP | MOOG INC vs. GigaMedia | MOOG INC vs. ARISTOCRAT LEISURE |
| JIAHUA STORES vs. Apple Inc | JIAHUA STORES vs. Apple Inc | JIAHUA STORES vs. Apple Inc | JIAHUA STORES vs. Apple Inc |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios |