Correlation Between Jiangxi Hengda and Jonjee Hi
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By analyzing existing cross correlation between Jiangxi Hengda Hi Tech and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Jiangxi Hengda 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 Jiangxi Hengda with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Hengda and Jonjee Hi.
Diversification Opportunities for Jiangxi Hengda and Jonjee Hi
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jiangxi and Jonjee is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Hengda Hi 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 Jiangxi Hengda 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 Jiangxi Hengda Hi 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 Jiangxi Hengda i.e., Jiangxi Hengda and Jonjee Hi go up and down completely randomly.
Pair Corralation between Jiangxi Hengda and Jonjee Hi
Assuming the 90 days trading horizon Jiangxi Hengda Hi Tech is expected to generate 0.98 times more return on investment than Jonjee Hi. However, Jiangxi Hengda Hi Tech is 1.02 times less risky than Jonjee Hi. It trades about 0.25 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about 0.05 per unit of risk. If you would invest 516.00 in Jiangxi Hengda Hi Tech on September 4, 2024 and sell it today you would earn a total of 77.00 from holding Jiangxi Hengda Hi Tech or generate 14.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Hengda Hi Tech vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Jiangxi Hengda Hi |
| Jonjee Hi tech |
Jiangxi Hengda and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Hengda and Jonjee Hi
The main advantage of trading using opposite Jiangxi Hengda and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Hengda 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.| Jiangxi Hengda vs. Dalian Zeus Entertainment | Jiangxi Hengda vs. Kingclean Electric Co | Jiangxi Hengda vs. Ningxia Younglight Chemicals | Jiangxi Hengda vs. Miracll Chemicals Co |
| Jonjee Hi vs. Poly Real Estate | Jonjee Hi vs. China Vanke Co | Jonjee Hi vs. China Merchants Shekou | Jonjee Hi vs. Huafa Industrial Co |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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