Correlation Between Yuan Longping and Jonjee Hi
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By analyzing existing cross correlation between Yuan Longping High tech and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Yuan Longping 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 Yuan Longping with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuan Longping and Jonjee Hi.
Diversification Opportunities for Yuan Longping and Jonjee Hi
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Yuan and Jonjee is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Yuan Longping High tech 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 Yuan Longping 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 Yuan Longping High tech 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 Yuan Longping i.e., Yuan Longping and Jonjee Hi go up and down completely randomly.
Pair Corralation between Yuan Longping and Jonjee Hi
Assuming the 90 days trading horizon Yuan Longping High tech is expected to under-perform the Jonjee Hi. But the stock apears to be less risky and, when comparing its historical volatility, Yuan Longping High tech is 1.3 times less risky than Jonjee Hi. The stock trades about -0.06 of its potential returns per unit of risk. The Jonjee Hi tech Industrial is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 3,370 in Jonjee Hi tech Industrial on September 14, 2024 and sell it today you would lose (869.00) from holding Jonjee Hi tech Industrial or give up 25.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.62% |
| Values | Daily Returns |
Yuan Longping High tech vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Yuan Longping High |
| Jonjee Hi tech |
Yuan Longping and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuan Longping and Jonjee Hi
The main advantage of trading using opposite Yuan Longping and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuan Longping 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.| Yuan Longping vs. New China Life | Yuan Longping vs. Ming Yang Smart | Yuan Longping vs. 159681 | Yuan Longping vs. 159005 |
| Jonjee Hi vs. HUAQIN TECHNOLOGY LTD | Jonjee Hi vs. Jinhe Biotechnology Co | Jonjee Hi vs. Linewell Software Co | Jonjee Hi vs. Yuan Longping High tech |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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