Correlation Between Jonjee Hi and Dymatic Chemicals
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Dymatic Chemicals, you can compare the effects of market volatilities on Jonjee Hi and Dymatic Chemicals 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 Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Dymatic Chemicals.
Diversification Opportunities for Jonjee Hi and Dymatic Chemicals
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jonjee and Dymatic is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals 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 Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between Jonjee Hi and Dymatic Chemicals
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Dymatic Chemicals. In addition to that, Jonjee Hi is 1.03 times more volatile than Dymatic Chemicals. It trades about -0.03 of its total potential returns per unit of risk. Dymatic Chemicals is currently generating about 0.01 per unit of volatility. If you would invest 719.00 in Dymatic Chemicals on September 13, 2024 and sell it today you would lose (15.00) from holding Dymatic Chemicals or give up 2.09% 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. Dymatic Chemicals
Performance |
| Timeline |
| Jonjee Hi tech |
| Dymatic Chemicals |
Jonjee Hi and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Dymatic Chemicals
The main advantage of trading using opposite Jonjee Hi and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.| Jonjee Hi vs. Nanjing Putian Telecommunications | Jonjee Hi vs. Tianjin Realty Development | Jonjee Hi vs. Kangyue Technology Co | Jonjee Hi vs. Shenzhen Hifuture Electric |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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