Correlation Between Walgreens Boots and Jiangxi Sunshine
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By analyzing existing cross correlation between Walgreens Boots Alliance and Jiangxi Sunshine Dairy, you can compare the effects of market volatilities on Walgreens Boots and Jiangxi Sunshine 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 Walgreens Boots with a short position of Jiangxi Sunshine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walgreens Boots and Jiangxi Sunshine.
Diversification Opportunities for Walgreens Boots and Jiangxi Sunshine
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Walgreens and Jiangxi is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Walgreens Boots Alliance and Jiangxi Sunshine Dairy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Sunshine Dairy and Walgreens Boots 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 Walgreens Boots Alliance are associated (or correlated) with Jiangxi Sunshine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Sunshine Dairy has no effect on the direction of Walgreens Boots i.e., Walgreens Boots and Jiangxi Sunshine go up and down completely randomly.
Pair Corralation between Walgreens Boots and Jiangxi Sunshine
Considering the 90-day investment horizon Walgreens Boots Alliance is expected to under-perform the Jiangxi Sunshine. In addition to that, Walgreens Boots is 1.2 times more volatile than Jiangxi Sunshine Dairy. It trades about -0.07 of its total potential returns per unit of risk. Jiangxi Sunshine Dairy is currently generating about 0.0 per unit of volatility. If you would invest 1,649 in Jiangxi Sunshine Dairy on September 14, 2024 and sell it today you would lose (218.00) from holding Jiangxi Sunshine Dairy or give up 13.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 96.16% |
| Values | Daily Returns |
Walgreens Boots Alliance vs. Jiangxi Sunshine Dairy
Performance |
| Timeline |
| Walgreens Boots Alliance |
| Jiangxi Sunshine Dairy |
Walgreens Boots and Jiangxi Sunshine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walgreens Boots and Jiangxi Sunshine
The main advantage of trading using opposite Walgreens Boots and Jiangxi Sunshine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walgreens Boots position performs unexpectedly, Jiangxi Sunshine 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 Jiangxi Sunshine will offset losses from the drop in Jiangxi Sunshine's long position.| Walgreens Boots vs. PetMed Express | Walgreens Boots vs. 111 Inc | Walgreens Boots vs. China Jo Jo Drugstores | Walgreens Boots vs. High Tide |
| Jiangxi Sunshine vs. Sinosteel Engineering and | Jiangxi Sunshine vs. Shenwu Energy Saving | Jiangxi Sunshine vs. Ping An Insurance | Jiangxi Sunshine vs. Easyhome New Retail |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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