Correlation Between Addentax Group and JB Hunt
Can any of the company-specific risk be diversified away by investing in both Addentax Group and JB Hunt 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 Addentax Group and JB Hunt into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Addentax Group Corp and JB Hunt Transport, you can compare the effects of market volatilities on Addentax Group and JB Hunt 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 Addentax Group with a short position of JB Hunt. Check out your portfolio center. Please also check ongoing floating volatility patterns of Addentax Group and JB Hunt.
Diversification Opportunities for Addentax Group and JB Hunt
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Addentax and JBHT is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Addentax Group Corp and JB Hunt Transport in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JB Hunt Transport and Addentax Group 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 Addentax Group Corp are associated (or correlated) with JB Hunt. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JB Hunt Transport has no effect on the direction of Addentax Group i.e., Addentax Group and JB Hunt go up and down completely randomly.
Pair Corralation between Addentax Group and JB Hunt
Given the investment horizon of 90 days Addentax Group Corp is expected to generate 2.56 times more return on investment than JB Hunt. However, Addentax Group is 2.56 times more volatile than JB Hunt Transport. It trades about 0.08 of its potential returns per unit of risk. JB Hunt Transport is currently generating about 0.17 per unit of risk. If you would invest 64.00 in Addentax Group Corp on April 24, 2025 and sell it today you would earn a total of 4.00 from holding Addentax Group Corp or generate 6.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Addentax Group Corp vs. JB Hunt Transport
Performance |
| Timeline |
| Addentax Group Corp |
| JB Hunt Transport |
Addentax Group and JB Hunt Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Addentax Group and JB Hunt
The main advantage of trading using opposite Addentax Group and JB Hunt positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Addentax Group position performs unexpectedly, JB Hunt 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 JB Hunt will offset losses from the drop in JB Hunt's long position.| Addentax Group vs. Jayud Global Logistics | Addentax Group vs. Freightos Limited Ordinary | Addentax Group vs. Radiant Logistics | Addentax Group vs. JB Hunt Transport |
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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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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