Correlation Between Shenyang Huitian and Jonjee Hi
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Shenyang Huitian and Jonjee Hi 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 Shenyang Huitian with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Jonjee Hi.
Diversification Opportunities for Shenyang Huitian and Jonjee Hi
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shenyang and Jonjee is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Jonjee Hi tech Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jonjee Hi tech and Shenyang Huitian 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 Shenyang Huitian Thermal are associated (or correlated) with Jonjee Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jonjee Hi tech has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Jonjee Hi go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Jonjee Hi
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to generate 1.16 times more return on investment than Jonjee Hi. However, Shenyang Huitian is 1.16 times more volatile than Jonjee Hi tech Industrial. It trades about 0.01 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about -0.04 per unit of risk. If you would invest 363.00 in Shenyang Huitian Thermal on September 3, 2024 and sell it today you would earn a total of 7.00 from holding Shenyang Huitian Thermal or generate 1.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.79% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Jonjee Hi tech |
Shenyang Huitian and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Jonjee Hi
The main advantage of trading using opposite Shenyang Huitian and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Jonjee Hi 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 Jonjee Hi will offset losses from the drop in Jonjee Hi's long position.| Shenyang Huitian vs. Industrial and Commercial | Shenyang Huitian vs. Agricultural Bank of | Shenyang Huitian vs. China Construction Bank | Shenyang Huitian vs. Bank of China |
| Jonjee Hi vs. Beijing Wantai Biological | Jonjee Hi vs. Aluminum Corp of | Jonjee Hi vs. COL Digital Publishing | Jonjee Hi vs. Shaanxi Meineng Clean |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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