Correlation Between Singularity Future and Jayud Global
Can any of the company-specific risk be diversified away by investing in both Singularity Future 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 Singularity Future and Jayud Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Singularity Future Technology and Jayud Global Logistics, you can compare the effects of market volatilities on Singularity Future 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 Singularity Future with a short position of Jayud Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singularity Future and Jayud Global.
Diversification Opportunities for Singularity Future and Jayud Global
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Singularity and Jayud is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Singularity Future Technology 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 Singularity Future 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 Singularity Future Technology 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 Singularity Future i.e., Singularity Future and Jayud Global go up and down completely randomly.
Pair Corralation between Singularity Future and Jayud Global
Given the investment horizon of 90 days Singularity Future Technology is expected to under-perform the Jayud Global. In addition to that, Singularity Future is 1.44 times more volatile than Jayud Global Logistics. It trades about -0.02 of its total potential returns per unit of risk. Jayud Global Logistics is currently generating about 0.06 per unit of volatility. If you would invest 77.00 in Jayud Global Logistics on August 24, 2024 and sell it today you would earn a total of 24.00 from holding Jayud Global Logistics or generate 31.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Singularity Future Technology vs. Jayud Global Logistics
Performance |
| Timeline |
| Singularity Future |
| Jayud Global Logistics |
Singularity Future and Jayud Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singularity Future and Jayud Global
The main advantage of trading using opposite Singularity Future and Jayud Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singularity Future 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.| Singularity Future vs. Nuvectis Pharma | Singularity Future vs. System1 | Singularity Future vs. Hour Loop | Singularity Future vs. Energy Vault Holdings |
| Jayud Global vs. Maiden Holdings | Jayud Global vs. Employers Holdings | Jayud Global vs. Microbot Medical | Jayud Global vs. Assurant |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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