Correlation Between JCET Group and Shanghai Action
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By analyzing existing cross correlation between JCET Group Co and Shanghai Action Education, you can compare the effects of market volatilities on JCET Group and Shanghai Action 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 JCET Group with a short position of Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCET Group and Shanghai Action.
Diversification Opportunities for JCET Group and Shanghai Action
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between JCET and Shanghai is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding JCET Group Co and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education and JCET Group 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 JCET Group Co are associated (or correlated) with Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of JCET Group i.e., JCET Group and Shanghai Action go up and down completely randomly.
Pair Corralation between JCET Group and Shanghai Action
Assuming the 90 days trading horizon JCET Group Co is expected to generate 1.49 times more return on investment than Shanghai Action. However, JCET Group is 1.49 times more volatile than Shanghai Action Education. It trades about 0.09 of its potential returns per unit of risk. Shanghai Action Education is currently generating about -0.07 per unit of risk. If you would invest 3,784 in JCET Group Co on October 17, 2024 and sell it today you would earn a total of 215.00 from holding JCET Group Co or generate 5.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCET Group Co vs. Shanghai Action Education
Performance |
| Timeline |
| JCET Group |
| Shanghai Action Education |
JCET Group and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCET Group and Shanghai Action
The main advantage of trading using opposite JCET Group and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCET Group position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action's long position.| JCET Group vs. Shanghai Action Education | JCET Group vs. Anji Foodstuff Co | JCET Group vs. Northern United Publishing | JCET Group vs. Heilongjiang Publishing Media |
| Shanghai Action vs. Xiangyu Medical Co | Shanghai Action vs. Guangdong Jingyi Metal | Shanghai Action vs. Winner Medical Co | Shanghai Action vs. Rising Nonferrous Metals |
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 CEOs Directory module to screen CEOs from public companies around the world.
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