Correlation Between Jonjee Hi and Haima Automobile
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Haima Automobile Group, you can compare the effects of market volatilities on Jonjee Hi and Haima Automobile 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 Jonjee Hi with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Haima Automobile.
Diversification Opportunities for Jonjee Hi and Haima Automobile
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jonjee and Haima is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Jonjee Hi 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 Jonjee Hi tech Industrial are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Haima Automobile go up and down completely randomly.
Pair Corralation between Jonjee Hi and Haima Automobile
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 0.49 times more return on investment than Haima Automobile. However, Jonjee Hi tech Industrial is 2.05 times less risky than Haima Automobile. It trades about -0.38 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.34 per unit of risk. If you would invest 2,410 in Jonjee Hi tech Industrial on October 17, 2024 and sell it today you would lose (287.00) from holding Jonjee Hi tech Industrial or give up 11.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Haima Automobile Group
Performance |
| Timeline |
| Jonjee Hi tech |
| Haima Automobile |
Jonjee Hi and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Haima Automobile
The main advantage of trading using opposite Jonjee Hi and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Jonjee Hi vs. Industrial and Commercial | Jonjee Hi vs. Agricultural Bank of | Jonjee Hi vs. China Construction Bank | Jonjee Hi vs. Bank of China |
| Haima Automobile vs. Jonjee Hi tech Industrial | Haima Automobile vs. Tongyu Communication | Haima Automobile vs. JCHX Mining Management | Haima Automobile vs. Jiangxi Naipu Mining |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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