Correlation Between Panda Financial and Jason Furniture
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By analyzing existing cross correlation between Panda Financial Holding and Jason Furniture, you can compare the effects of market volatilities on Panda Financial and Jason Furniture 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 Panda Financial with a short position of Jason Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Panda Financial and Jason Furniture.
Diversification Opportunities for Panda Financial and Jason Furniture
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Panda and Jason is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Panda Financial Holding and Jason Furniture in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jason Furniture and Panda Financial 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 Panda Financial Holding are associated (or correlated) with Jason Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jason Furniture has no effect on the direction of Panda Financial i.e., Panda Financial and Jason Furniture go up and down completely randomly.
Pair Corralation between Panda Financial and Jason Furniture
Assuming the 90 days trading horizon Panda Financial Holding is expected to under-perform the Jason Furniture. In addition to that, Panda Financial is 1.17 times more volatile than Jason Furniture. It trades about -0.12 of its total potential returns per unit of risk. Jason Furniture is currently generating about 0.09 per unit of volatility. If you would invest 2,734 in Jason Furniture on September 26, 2024 and sell it today you would earn a total of 125.00 from holding Jason Furniture or generate 4.57% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Panda Financial Holding vs. Jason Furniture
Performance |
Timeline |
Panda Financial Holding |
Jason Furniture |
Panda Financial and Jason Furniture Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Panda Financial and Jason Furniture
The main advantage of trading using opposite Panda Financial and Jason Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Panda Financial position performs unexpectedly, Jason Furniture 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 Jason Furniture will offset losses from the drop in Jason Furniture's long position.Panda Financial vs. China State Construction | Panda Financial vs. Poly Real Estate | Panda Financial vs. China Vanke Co | Panda Financial vs. China Merchants Shekou |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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