Correlation Between Yunnan Xiyi and Jiajia Food
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By analyzing existing cross correlation between Yunnan Xiyi Industrial and Jiajia Food Group, you can compare the effects of market volatilities on Yunnan Xiyi and Jiajia Food 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 Yunnan Xiyi with a short position of Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Xiyi and Jiajia Food.
Diversification Opportunities for Yunnan Xiyi and Jiajia Food
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Yunnan and Jiajia is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Xiyi Industrial and Jiajia Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiajia Food Group and Yunnan Xiyi 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 Yunnan Xiyi Industrial are associated (or correlated) with Jiajia Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiajia Food Group has no effect on the direction of Yunnan Xiyi i.e., Yunnan Xiyi and Jiajia Food go up and down completely randomly.
Pair Corralation between Yunnan Xiyi and Jiajia Food
Assuming the 90 days trading horizon Yunnan Xiyi Industrial is expected to generate 1.18 times more return on investment than Jiajia Food. However, Yunnan Xiyi is 1.18 times more volatile than Jiajia Food Group. It trades about 0.41 of its potential returns per unit of risk. Jiajia Food Group is currently generating about 0.44 per unit of risk. If you would invest 889.00 in Yunnan Xiyi Industrial on September 13, 2024 and sell it today you would earn a total of 1,445 from holding Yunnan Xiyi Industrial or generate 162.54% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Yunnan Xiyi Industrial vs. Jiajia Food Group
Performance |
Timeline |
Yunnan Xiyi Industrial |
Jiajia Food Group |
Yunnan Xiyi and Jiajia Food Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yunnan Xiyi and Jiajia Food
The main advantage of trading using opposite Yunnan Xiyi and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Xiyi position performs unexpectedly, Jiajia Food 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 Jiajia Food will offset losses from the drop in Jiajia Food's long position.Yunnan Xiyi vs. BeiGene | Yunnan Xiyi vs. Kweichow Moutai Co | Yunnan Xiyi vs. Beijing Roborock Technology | Yunnan Xiyi vs. G bits Network Technology |
Jiajia Food vs. Nanjing Putian Telecommunications | Jiajia Food vs. Tianjin Realty Development | Jiajia Food vs. Kangyue Technology Co | Jiajia Food vs. Shenzhen Hifuture Electric |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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