Correlation Between Lerøy Seafood and JD
Can any of the company-specific risk be diversified away by investing in both Lerøy Seafood and JD 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 Lerøy Seafood and JD into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lery Seafood Group and JD Inc, you can compare the effects of market volatilities on Lerøy Seafood and JD 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 Lerøy Seafood with a short position of JD. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lerøy Seafood and JD.
Diversification Opportunities for Lerøy Seafood and JD
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Lerøy and JD is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Lery Seafood Group and JD Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JD Inc and Lerøy Seafood 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 Lery Seafood Group are associated (or correlated) with JD. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JD Inc has no effect on the direction of Lerøy Seafood i.e., Lerøy Seafood and JD go up and down completely randomly.
Pair Corralation between Lerøy Seafood and JD
If you would invest 0.00 in JD Inc on December 4, 2024 and sell it today you would earn a total of 0.00 from holding JD Inc or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Lery Seafood Group vs. JD Inc
Performance |
| Timeline |
| Lery Seafood Group |
| JD Inc |
Risk-Adjusted Performance
Modest
Weak | Strong |
Lerøy Seafood and JD Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lerøy Seafood and JD
The main advantage of trading using opposite Lerøy Seafood and JD positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lerøy Seafood position performs unexpectedly, JD 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 JD will offset losses from the drop in JD's long position.| Lerøy Seafood vs. Mowi ASA | Lerøy Seafood vs. LEROY SEAFOOD GRUNSPADR | Lerøy Seafood vs. Yihai International Holding | Lerøy Seafood vs. Lery Seafood Group |
| JD vs. PPHE HOTEL GROUP | JD vs. Siamgas And Petrochemicals | JD vs. NH HOTEL GROUP | JD vs. China Southern Airlines |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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