Correlation Between Wuhan Hvsen and Jonjee Hi
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By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Wuhan Hvsen 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 Wuhan Hvsen with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and Jonjee Hi.
Diversification Opportunities for Wuhan Hvsen and Jonjee Hi
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Wuhan and Jonjee is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology 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 Wuhan Hvsen 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 Wuhan Hvsen Biotechnology 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 Wuhan Hvsen i.e., Wuhan Hvsen and Jonjee Hi go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and Jonjee Hi
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to generate 1.0 times more return on investment than Jonjee Hi. However, Wuhan Hvsen Biotechnology is 1.0 times less risky than Jonjee Hi. It trades about 0.12 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 1,037 in Wuhan Hvsen Biotechnology on August 25, 2024 and sell it today you would earn a total of 64.00 from holding Wuhan Hvsen Biotechnology or generate 6.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| Jonjee Hi tech |
Wuhan Hvsen and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and Jonjee Hi
The main advantage of trading using opposite Wuhan Hvsen and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen 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.| Wuhan Hvsen vs. China State Construction | Wuhan Hvsen vs. Poly Real Estate | Wuhan Hvsen vs. China Vanke Co | Wuhan Hvsen vs. China Merchants Shekou |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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