Correlation Between Thryv Holdings and Jiayin
Can any of the company-specific risk be diversified away by investing in both Thryv Holdings and Jiayin 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 Thryv Holdings and Jiayin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Thryv Holdings and Jiayin Group, you can compare the effects of market volatilities on Thryv Holdings and Jiayin 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 Thryv Holdings with a short position of Jiayin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Thryv Holdings and Jiayin.
Diversification Opportunities for Thryv Holdings and Jiayin
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Thryv and Jiayin is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Thryv Holdings and Jiayin Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiayin Group and Thryv Holdings 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 Thryv Holdings are associated (or correlated) with Jiayin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiayin Group has no effect on the direction of Thryv Holdings i.e., Thryv Holdings and Jiayin go up and down completely randomly.
Pair Corralation between Thryv Holdings and Jiayin
Given the investment horizon of 90 days Thryv Holdings is expected to generate 1.51 times more return on investment than Jiayin. However, Thryv Holdings is 1.51 times more volatile than Jiayin Group. It trades about -0.11 of its potential returns per unit of risk. Jiayin Group is currently generating about -0.18 per unit of risk. If you would invest 1,749 in Thryv Holdings on August 25, 2024 and sell it today you would lose (259.00) from holding Thryv Holdings or give up 14.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Thryv Holdings vs. Jiayin Group
Performance |
| Timeline |
| Thryv Holdings |
| Jiayin Group |
Thryv Holdings and Jiayin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Thryv Holdings and Jiayin
The main advantage of trading using opposite Thryv Holdings and Jiayin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Thryv Holdings position performs unexpectedly, Jiayin 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 Jiayin will offset losses from the drop in Jiayin's long position.| Thryv Holdings vs. Twilio Inc | Thryv Holdings vs. Baidu Inc | Thryv Holdings vs. Snap Inc | Thryv Holdings vs. ANGI Homeservices |
| Jiayin vs. Oriental Culture Holding | Jiayin vs. Wisekey International Holding | Jiayin vs. Wah Fu Education |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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