Correlation Between Jonjee Hi and Huasi Agricultural
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Huasi Agricultural Development, you can compare the effects of market volatilities on Jonjee Hi and Huasi Agricultural 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 Huasi Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Huasi Agricultural.
Diversification Opportunities for Jonjee Hi and Huasi Agricultural
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jonjee and Huasi is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Huasi Agricultural Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huasi Agricultural 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 Huasi Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huasi Agricultural has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Huasi Agricultural go up and down completely randomly.
Pair Corralation between Jonjee Hi and Huasi Agricultural
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Huasi Agricultural. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 2.16 times less risky than Huasi Agricultural. The stock trades about -0.15 of its potential returns per unit of risk. The Huasi Agricultural Development is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 437.00 in Huasi Agricultural Development on October 30, 2024 and sell it today you would lose (34.00) from holding Huasi Agricultural Development or give up 7.78% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 97.56% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Huasi Agricultural Development
Performance |
| Timeline |
| Jonjee Hi tech |
| Huasi Agricultural |
Jonjee Hi and Huasi Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Huasi Agricultural
The main advantage of trading using opposite Jonjee Hi and Huasi Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Huasi Agricultural 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 Huasi Agricultural will offset losses from the drop in Huasi Agricultural's long position.| Jonjee Hi vs. Kweichow Moutai Co | Jonjee Hi vs. Contemporary Amperex Technology | Jonjee Hi vs. G bits Network Technology | Jonjee Hi vs. Beijing Roborock Technology |
| Huasi Agricultural vs. Jinyu Bio Technology Co | Huasi Agricultural vs. Xiandai Investment Co | Huasi Agricultural vs. Northking Information Technology | Huasi Agricultural vs. Chengdu Xingrong Investment |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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