Correlation Between Jianpu Technology and Orix Corp
Can any of the company-specific risk be diversified away by investing in both Jianpu Technology and Orix Corp 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 Jianpu Technology and Orix Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jianpu Technology and Orix Corp Ads, you can compare the effects of market volatilities on Jianpu Technology and Orix Corp 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 Jianpu Technology with a short position of Orix Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jianpu Technology and Orix Corp.
Diversification Opportunities for Jianpu Technology and Orix Corp
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jianpu and Orix is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Jianpu Technology and Orix Corp Ads in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orix Corp Ads and Jianpu Technology 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 Jianpu Technology are associated (or correlated) with Orix Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orix Corp Ads has no effect on the direction of Jianpu Technology i.e., Jianpu Technology and Orix Corp go up and down completely randomly.
Pair Corralation between Jianpu Technology and Orix Corp
If you would invest 78.00 in Jianpu Technology on January 20, 2024 and sell it today you would earn a total of 0.00 from holding Jianpu Technology or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 4.76% |
Values | Daily Returns |
Jianpu Technology vs. Orix Corp Ads
Performance |
Timeline |
Jianpu Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
Orix Corp Ads |
Jianpu Technology and Orix Corp Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jianpu Technology and Orix Corp
The main advantage of trading using opposite Jianpu Technology and Orix Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jianpu Technology position performs unexpectedly, Orix Corp 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 Orix Corp will offset losses from the drop in Orix Corp's long position.Jianpu Technology vs. Yirendai | Jianpu Technology vs. Federal Agricultural Mortgage | Jianpu Technology vs. Sentage Holdings | Jianpu Technology vs. Lexinfintech Holdings |
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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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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