Correlation Between PS International and Jayud Global
Can any of the company-specific risk be diversified away by investing in both PS International 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 PS International and Jayud Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PS International Group and Jayud Global Logistics, you can compare the effects of market volatilities on PS International 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 PS International with a short position of Jayud Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of PS International and Jayud Global.
Diversification Opportunities for PS International and Jayud Global
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between PSIG and Jayud is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding PS International Group 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 PS International 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 PS International Group 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 PS International i.e., PS International and Jayud Global go up and down completely randomly.
Pair Corralation between PS International and Jayud Global
Given the investment horizon of 90 days PS International Group is expected to under-perform the Jayud Global. In addition to that, PS International is 2.3 times more volatile than Jayud Global Logistics. It trades about -0.05 of its total potential returns per unit of risk. Jayud Global Logistics is currently generating about 0.0 per unit of volatility. If you would invest 400.00 in Jayud Global Logistics on August 27, 2024 and sell it today you would lose (296.00) from holding Jayud Global Logistics or give up 74.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 22.52% |
| Values | Daily Returns |
PS International Group vs. Jayud Global Logistics
Performance |
| Timeline |
| PS International |
| Jayud Global Logistics |
PS International and Jayud Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PS International and Jayud Global
The main advantage of trading using opposite PS International and Jayud Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PS International 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.| PS International vs. Alliant Energy Corp | PS International vs. Mediag3 | PS International vs. Xponential Fitness | PS International vs. PGE Corp |
| 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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