Correlation Between Jonjee Hi-tech and China Minmetals
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jonjee Hi tech Industrial and China Minmetals Rare, you can compare the effects of market volatilities on Jonjee Hi-tech and China Minmetals 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-tech with a short position of China Minmetals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi-tech and China Minmetals.
Diversification Opportunities for Jonjee Hi-tech and China Minmetals
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jonjee and China is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and China Minmetals Rare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Minmetals Rare and Jonjee Hi-tech 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 China Minmetals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Minmetals Rare has no effect on the direction of Jonjee Hi-tech i.e., Jonjee Hi-tech and China Minmetals go up and down completely randomly.
Pair Corralation between Jonjee Hi-tech and China Minmetals
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 0.94 times more return on investment than China Minmetals. However, Jonjee Hi tech Industrial is 1.07 times less risky than China Minmetals. It trades about 0.1 of its potential returns per unit of risk. China Minmetals Rare is currently generating about -0.1 per unit of risk. If you would invest 2,234 in Jonjee Hi tech Industrial on September 2, 2024 and sell it today you would earn a total of 119.00 from holding Jonjee Hi tech Industrial or generate 5.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. China Minmetals Rare
Performance |
| Timeline |
| Jonjee Hi tech |
| China Minmetals Rare |
Jonjee Hi-tech and China Minmetals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi-tech and China Minmetals
The main advantage of trading using opposite Jonjee Hi-tech and China Minmetals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi-tech position performs unexpectedly, China Minmetals 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 China Minmetals will offset losses from the drop in China Minmetals' long position.| 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 |
| China Minmetals vs. Zijin Mining Group | China Minmetals vs. Wanhua Chemical Group | China Minmetals vs. Baoshan Iron Steel | China Minmetals vs. Shandong Gold 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |