Correlation Between Jonjee Hi and Guangzhou Ruoyuchen
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Guangzhou Ruoyuchen Information, you can compare the effects of market volatilities on Jonjee Hi and Guangzhou Ruoyuchen 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 Guangzhou Ruoyuchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Guangzhou Ruoyuchen.
Diversification Opportunities for Jonjee Hi and Guangzhou Ruoyuchen
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jonjee and Guangzhou is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Guangzhou Ruoyuchen Informatio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Ruoyuchen 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 Guangzhou Ruoyuchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Ruoyuchen has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Guangzhou Ruoyuchen go up and down completely randomly.
Pair Corralation between Jonjee Hi and Guangzhou Ruoyuchen
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Guangzhou Ruoyuchen. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 3.77 times less risky than Guangzhou Ruoyuchen. The stock trades about -0.42 of its potential returns per unit of risk. The Guangzhou Ruoyuchen Information is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 2,330 in Guangzhou Ruoyuchen Information on October 12, 2024 and sell it today you would earn a total of 466.00 from holding Guangzhou Ruoyuchen Information or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Guangzhou Ruoyuchen Informatio
Performance |
| Timeline |
| Jonjee Hi tech |
| Guangzhou Ruoyuchen |
Jonjee Hi and Guangzhou Ruoyuchen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Guangzhou Ruoyuchen
The main advantage of trading using opposite Jonjee Hi and Guangzhou Ruoyuchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Guangzhou Ruoyuchen 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 Guangzhou Ruoyuchen will offset losses from the drop in Guangzhou Ruoyuchen's long position.| Jonjee Hi vs. Shaanxi Meineng Clean | Jonjee Hi vs. Digiwin Software Co | Jonjee Hi vs. Guangzhou KingTeller Technology | Jonjee Hi vs. Eyebright Medical Technology |
| Guangzhou Ruoyuchen vs. Western Metal Materials | Guangzhou Ruoyuchen vs. Bosera CMSK Industrial | Guangzhou Ruoyuchen vs. Rising Nonferrous Metals | Guangzhou Ruoyuchen vs. Jonjee Hi tech Industrial |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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