Correlation Between Maccura Biotechnology and Jonjee Hi
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By analyzing existing cross correlation between Maccura Biotechnology Co and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Maccura Biotechnology 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 Maccura Biotechnology with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maccura Biotechnology and Jonjee Hi.
Diversification Opportunities for Maccura Biotechnology and Jonjee Hi
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Maccura and Jonjee is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Maccura Biotechnology Co 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 Maccura Biotechnology 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 Maccura Biotechnology Co 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 Maccura Biotechnology i.e., Maccura Biotechnology and Jonjee Hi go up and down completely randomly.
Pair Corralation between Maccura Biotechnology and Jonjee Hi
Assuming the 90 days trading horizon Maccura Biotechnology Co is expected to generate 0.87 times more return on investment than Jonjee Hi. However, Maccura Biotechnology Co is 1.15 times less risky than Jonjee Hi. It trades about -0.01 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about -0.1 per unit of risk. If you would invest 1,396 in Maccura Biotechnology Co on August 25, 2024 and sell it today you would lose (12.00) from holding Maccura Biotechnology Co or give up 0.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maccura Biotechnology Co vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Maccura Biotechnology |
| Jonjee Hi tech |
Maccura Biotechnology and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maccura Biotechnology and Jonjee Hi
The main advantage of trading using opposite Maccura Biotechnology and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maccura Biotechnology 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.| Maccura Biotechnology vs. Offshore Oil Engineering | Maccura Biotechnology vs. Hunan Investment Group | Maccura Biotechnology vs. Ping An Insurance | Maccura Biotechnology vs. Vanfund Urban Investment |
| Jonjee Hi vs. Jiugui Liquor Co | Jonjee Hi vs. Peoples Insurance of | Jonjee Hi vs. Ligao Foods CoLtd | Jonjee Hi vs. Xiamen Jihong Package |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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