Correlation Between JF Technology and Supercomnet Technologies
Can any of the company-specific risk be diversified away by investing in both JF Technology and Supercomnet Technologies 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 JF Technology and Supercomnet Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JF Technology BHD and Supercomnet Technologies Bhd, you can compare the effects of market volatilities on JF Technology and Supercomnet Technologies 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 JF Technology with a short position of Supercomnet Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of JF Technology and Supercomnet Technologies.
Diversification Opportunities for JF Technology and Supercomnet Technologies
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between 0146 and Supercomnet is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding JF Technology BHD and Supercomnet Technologies Bhd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Supercomnet Technologies and JF Technology 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 JF Technology BHD are associated (or correlated) with Supercomnet Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Supercomnet Technologies has no effect on the direction of JF Technology i.e., JF Technology and Supercomnet Technologies go up and down completely randomly.
Pair Corralation between JF Technology and Supercomnet Technologies
Assuming the 90 days trading horizon JF Technology BHD is expected to under-perform the Supercomnet Technologies. In addition to that, JF Technology is 1.1 times more volatile than Supercomnet Technologies Bhd. It trades about -0.08 of its total potential returns per unit of risk. Supercomnet Technologies Bhd is currently generating about 0.0 per unit of volatility. If you would invest 126.00 in Supercomnet Technologies Bhd on August 24, 2024 and sell it today you would lose (6.00) from holding Supercomnet Technologies Bhd or give up 4.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JF Technology BHD vs. Supercomnet Technologies Bhd
Performance |
| Timeline |
| JF Technology BHD |
| Supercomnet Technologies |
JF Technology and Supercomnet Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JF Technology and Supercomnet Technologies
The main advantage of trading using opposite JF Technology and Supercomnet Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JF Technology position performs unexpectedly, Supercomnet Technologies 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 Supercomnet Technologies will offset losses from the drop in Supercomnet Technologies' long position.| JF Technology vs. Greatech Technology Bhd | JF Technology vs. Uwc Bhd | JF Technology vs. Genetec Technology Bhd | JF Technology vs. PIE Industrial Bhd |
| Supercomnet Technologies vs. Greatech Technology Bhd | Supercomnet Technologies vs. Uwc Bhd | Supercomnet Technologies vs. Genetec Technology Bhd | Supercomnet Technologies vs. PIE Industrial Bhd |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| CEOs Directory Screen CEOs from public companies around the world |