Correlation Between Jonjee Hi and NAURA Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jonjee Hi tech Industrial and NAURA Technology Group, you can compare the effects of market volatilities on Jonjee Hi and NAURA Technology 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 NAURA Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and NAURA Technology.
Diversification Opportunities for Jonjee Hi and NAURA Technology
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jonjee and NAURA is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and NAURA Technology Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAURA Technology 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 NAURA Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAURA Technology has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and NAURA Technology go up and down completely randomly.
Pair Corralation between Jonjee Hi and NAURA Technology
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 1.23 times more return on investment than NAURA Technology. However, Jonjee Hi is 1.23 times more volatile than NAURA Technology Group. It trades about 0.07 of its potential returns per unit of risk. NAURA Technology Group is currently generating about -0.39 per unit of risk. If you would invest 2,374 in Jonjee Hi tech Industrial on September 13, 2024 and sell it today you would earn a total of 81.00 from holding Jonjee Hi tech Industrial or generate 3.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. NAURA Technology Group
Performance |
| Timeline |
| Jonjee Hi tech |
| NAURA Technology |
Jonjee Hi and NAURA Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and NAURA Technology
The main advantage of trading using opposite Jonjee Hi and NAURA Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, NAURA Technology 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 NAURA Technology will offset losses from the drop in NAURA Technology's 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 |
| NAURA Technology vs. Agricultural Bank of | NAURA Technology vs. Industrial and Commercial | NAURA Technology vs. Bank of China | NAURA Technology vs. China Construction Bank |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |