Correlation Between Jiajia Food and AVIC Fund
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By analyzing existing cross correlation between Jiajia Food Group and AVIC Fund Management, you can compare the effects of market volatilities on Jiajia Food and AVIC Fund 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 Jiajia Food with a short position of AVIC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiajia Food and AVIC Fund.
Diversification Opportunities for Jiajia Food and AVIC Fund
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiajia and AVIC is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Jiajia Food Group and AVIC Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AVIC Fund Management and Jiajia Food 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 Jiajia Food Group are associated (or correlated) with AVIC Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AVIC Fund Management has no effect on the direction of Jiajia Food i.e., Jiajia Food and AVIC Fund go up and down completely randomly.
Pair Corralation between Jiajia Food and AVIC Fund
Assuming the 90 days trading horizon Jiajia Food Group is expected to generate 9.65 times more return on investment than AVIC Fund. However, Jiajia Food is 9.65 times more volatile than AVIC Fund Management. It trades about 0.34 of its potential returns per unit of risk. AVIC Fund Management is currently generating about 0.34 per unit of risk. If you would invest 234.00 in Jiajia Food Group on September 29, 2024 and sell it today you would earn a total of 248.00 from holding Jiajia Food Group or generate 105.98% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Jiajia Food Group vs. AVIC Fund Management
Performance |
Timeline |
Jiajia Food Group |
AVIC Fund Management |
Jiajia Food and AVIC Fund Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiajia Food and AVIC Fund
The main advantage of trading using opposite Jiajia Food and AVIC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiajia Food position performs unexpectedly, AVIC Fund 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 AVIC Fund will offset losses from the drop in AVIC Fund's long position.Jiajia Food vs. Ming Yang Smart | Jiajia Food vs. 159681 | Jiajia Food vs. 159005 | Jiajia Food vs. Loctek Ergonomic Technology |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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