Correlation Between Jonjee Hi and Zhejiang JIULI
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Jonjee Hi and Zhejiang JIULI 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 Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Zhejiang JIULI.
Diversification Opportunities for Jonjee Hi and Zhejiang JIULI
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jonjee and Zhejiang is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi 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 Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Jonjee Hi and Zhejiang JIULI
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Zhejiang JIULI. In addition to that, Jonjee Hi is 1.28 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.0 of its total potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.05 per unit of volatility. If you would invest 1,971 in Zhejiang JIULI Hi tech on October 20, 2024 and sell it today you would earn a total of 439.00 from holding Zhejiang JIULI Hi tech or generate 22.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Jonjee Hi tech |
| Zhejiang JIULI Hi |
Jonjee Hi and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Zhejiang JIULI
The main advantage of trading using opposite Jonjee Hi and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Zhejiang JIULI 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 Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI's long position.| Jonjee Hi vs. China Life Insurance | Jonjee Hi vs. Linzhou Heavy Machinery | Jonjee Hi vs. Guangzhou KDT Machinery | Jonjee Hi vs. Gifore Agricultural Machinery |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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