Correlation Between 111 and Jowell Global
Can any of the company-specific risk be diversified away by investing in both 111 and Jowell 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 111 and Jowell Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 111 Inc and Jowell Global, you can compare the effects of market volatilities on 111 and Jowell 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 111 with a short position of Jowell Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of 111 and Jowell Global.
Diversification Opportunities for 111 and Jowell Global
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between 111 and Jowell is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding 111 Inc and Jowell Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jowell Global and 111 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 111 Inc are associated (or correlated) with Jowell Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jowell Global has no effect on the direction of 111 i.e., 111 and Jowell Global go up and down completely randomly.
Pair Corralation between 111 and Jowell Global
Allowing for the 90-day total investment horizon 111 Inc is expected to under-perform the Jowell Global. But the stock apears to be less risky and, when comparing its historical volatility, 111 Inc is 1.86 times less risky than Jowell Global. The stock trades about -0.02 of its potential returns per unit of risk. The Jowell Global is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 205.00 in Jowell Global on September 14, 2024 and sell it today you would earn a total of 89.00 from holding Jowell Global or generate 43.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.99% |
| Values | Daily Returns |
111 Inc vs. Jowell Global
Performance |
| Timeline |
| 111 Inc |
| Jowell Global |
111 and Jowell Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 111 and Jowell Global
The main advantage of trading using opposite 111 and Jowell Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 111 position performs unexpectedly, Jowell 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 Jowell Global will offset losses from the drop in Jowell Global's long position.| 111 vs. SunLink Health Systems | 111 vs. Kiaro Holdings Corp | 111 vs. Leafly Holdings | 111 vs. China Jo Jo Drugstores |
| Jowell Global vs. Oriental Culture Holding | Jowell Global vs. Hour Loop | Jowell Global vs. Qurate Retail Series | Jowell Global vs. Emerge Commerce |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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