Correlation Between Shenzhen Hifuture and Jonjee Hi-tech
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By analyzing existing cross correlation between Shenzhen Hifuture Electric and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Shenzhen Hifuture and Jonjee Hi-tech 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 Shenzhen Hifuture with a short position of Jonjee Hi-tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Hifuture and Jonjee Hi-tech.
Diversification Opportunities for Shenzhen Hifuture and Jonjee Hi-tech
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and Jonjee is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Hifuture Electric 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 Shenzhen Hifuture 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 Shenzhen Hifuture Electric are associated (or correlated) with Jonjee Hi-tech. 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 Shenzhen Hifuture i.e., Shenzhen Hifuture and Jonjee Hi-tech go up and down completely randomly.
Pair Corralation between Shenzhen Hifuture and Jonjee Hi-tech
Assuming the 90 days trading horizon Shenzhen Hifuture Electric is expected to generate 1.05 times more return on investment than Jonjee Hi-tech. However, Shenzhen Hifuture is 1.05 times more volatile than Jonjee Hi tech Industrial. It trades about 0.25 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about 0.06 per unit of risk. If you would invest 241.00 in Shenzhen Hifuture Electric on September 1, 2024 and sell it today you would earn a total of 41.00 from holding Shenzhen Hifuture Electric or generate 17.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Hifuture Electric vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Shenzhen Hifuture |
| Jonjee Hi tech |
Shenzhen Hifuture and Jonjee Hi-tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Hifuture and Jonjee Hi-tech
The main advantage of trading using opposite Shenzhen Hifuture and Jonjee Hi-tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Hifuture position performs unexpectedly, Jonjee Hi-tech 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-tech will offset losses from the drop in Jonjee Hi-tech's long position.| Shenzhen Hifuture vs. CareRay Digital Medical | Shenzhen Hifuture vs. Chison Medical Technologies | Shenzhen Hifuture vs. Nanjing Vishee Medical | Shenzhen Hifuture vs. Linewell Software Co |
| Jonjee Hi-tech vs. Nanjing Putian Telecommunications | Jonjee Hi-tech vs. Shenzhen Hifuture Electric | Jonjee Hi-tech vs. Tianjin Realty Development | Jonjee Hi-tech vs. Shenyang Huitian Thermal |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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