Correlation Between Huaxia Fund and Jonjee Hi-tech
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By analyzing existing cross correlation between Huaxia Fund Management and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Huaxia Fund 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 Huaxia Fund with a short position of Jonjee Hi-tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huaxia Fund and Jonjee Hi-tech.
Diversification Opportunities for Huaxia Fund and Jonjee Hi-tech
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Huaxia and Jonjee is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Huaxia Fund Management 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 Huaxia Fund 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 Huaxia Fund Management 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 Huaxia Fund i.e., Huaxia Fund and Jonjee Hi-tech go up and down completely randomly.
Pair Corralation between Huaxia Fund and Jonjee Hi-tech
Assuming the 90 days trading horizon Huaxia Fund is expected to generate 1.02 times less return on investment than Jonjee Hi-tech. But when comparing it to its historical volatility, Huaxia Fund Management is 2.94 times less risky than Jonjee Hi-tech. It trades about 0.17 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 2,287 in Jonjee Hi tech Industrial on September 1, 2024 and sell it today you would earn a total of 66.00 from holding Jonjee Hi tech Industrial or generate 2.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huaxia Fund Management vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Huaxia Fund Management |
| Jonjee Hi tech |
Huaxia Fund and Jonjee Hi-tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huaxia Fund and Jonjee Hi-tech
The main advantage of trading using opposite Huaxia Fund and Jonjee Hi-tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huaxia Fund 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.| Huaxia Fund vs. Industrial and Commercial | Huaxia Fund vs. Kweichow Moutai Co | Huaxia Fund vs. Agricultural Bank of | Huaxia Fund vs. China Mobile Limited |
| 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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