Correlation Between Prosegur Cash and Jayud Global
Can any of the company-specific risk be diversified away by investing in both Prosegur Cash and Jayud Global 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 Prosegur Cash and Jayud Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Prosegur Cash SA and Jayud Global Logistics, you can compare the effects of market volatilities on Prosegur Cash and Jayud Global 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 Prosegur Cash with a short position of Jayud Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Prosegur Cash and Jayud Global.
Diversification Opportunities for Prosegur Cash and Jayud Global
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Prosegur and Jayud is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Prosegur Cash SA and Jayud Global Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jayud Global Logistics and Prosegur Cash 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 Prosegur Cash SA are associated (or correlated) with Jayud Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jayud Global Logistics has no effect on the direction of Prosegur Cash i.e., Prosegur Cash and Jayud Global go up and down completely randomly.
Pair Corralation between Prosegur Cash and Jayud Global
Assuming the 90 days horizon Prosegur Cash SA is expected to generate 0.18 times more return on investment than Jayud Global. However, Prosegur Cash SA is 5.49 times less risky than Jayud Global. It trades about 0.01 of its potential returns per unit of risk. Jayud Global Logistics is currently generating about 0.0 per unit of risk. If you would invest 59.00 in Prosegur Cash SA on August 27, 2024 and sell it today you would earn a total of 2.00 from holding Prosegur Cash SA or generate 3.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 92.33% |
| Values | Daily Returns |
Prosegur Cash SA vs. Jayud Global Logistics
Performance |
| Timeline |
| Prosegur Cash SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jayud Global Logistics |
Prosegur Cash and Jayud Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Prosegur Cash and Jayud Global
The main advantage of trading using opposite Prosegur Cash and Jayud Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Prosegur Cash position performs unexpectedly, Jayud Global 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 Jayud Global will offset losses from the drop in Jayud Global's long position.| Prosegur Cash vs. Freightos Limited Ordinary | Prosegur Cash vs. Addentax Group Corp | Prosegur Cash vs. Forward Air | Prosegur Cash vs. Shengfeng Development Limited |
| Jayud Global vs. Summa Silver Corp | Jayud Global vs. Micron Technology | Jayud Global vs. Everspin Technologies | Jayud Global vs. Elmos Semiconductor SE |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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