Correlation Between Jonjee Hi and Zoje Resources
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jonjee Hi tech Industrial and Zoje Resources Investment, you can compare the effects of market volatilities on Jonjee Hi and Zoje Resources 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 Zoje Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Zoje Resources.
Diversification Opportunities for Jonjee Hi and Zoje Resources
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jonjee and Zoje is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Zoje Resources Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zoje Resources Investment 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 Zoje Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zoje Resources Investment has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Zoje Resources go up and down completely randomly.
Pair Corralation between Jonjee Hi and Zoje Resources
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 0.4 times more return on investment than Zoje Resources. However, Jonjee Hi tech Industrial is 2.48 times less risky than Zoje Resources. It trades about -0.38 of its potential returns per unit of risk. Zoje Resources Investment is currently generating about -0.23 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. Zoje Resources Investment
Performance |
| Timeline |
| Jonjee Hi tech |
| Zoje Resources Investment |
Jonjee Hi and Zoje Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Zoje Resources
The main advantage of trading using opposite Jonjee Hi and Zoje Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Zoje Resources 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 Zoje Resources will offset losses from the drop in Zoje Resources' 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 |
| Zoje Resources vs. Jonjee Hi tech Industrial | Zoje Resources vs. Sichuan Jinshi Technology | Zoje Resources vs. Leyard Optoelectronic | Zoje Resources vs. Jiangyin Jianghua Microelectronics |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |