Correlation Between Jonjee Hi and Malion New
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Malion New Materials, you can compare the effects of market volatilities on Jonjee Hi and Malion New 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 Malion New. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Malion New.
Diversification Opportunities for Jonjee Hi and Malion New
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jonjee and Malion is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Malion New Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malion New Materials 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 Malion New. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malion New Materials has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Malion New go up and down completely randomly.
Pair Corralation between Jonjee Hi and Malion New
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Malion New. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 1.47 times less risky than Malion New. The stock trades about -0.04 of its potential returns per unit of risk. The Malion New Materials is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 1,474 in Malion New Materials on October 16, 2024 and sell it today you would lose (716.00) from holding Malion New Materials or give up 48.58% 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. Malion New Materials
Performance |
| Timeline |
| Jonjee Hi tech |
| Malion New Materials |
Jonjee Hi and Malion New Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Malion New
The main advantage of trading using opposite Jonjee Hi and Malion New positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Malion New 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 Malion New will offset losses from the drop in Malion New's long position.| Jonjee Hi vs. Industrial and Commercial | Jonjee Hi vs. Agricultural Bank of | Jonjee Hi vs. China Construction Bank | Jonjee Hi vs. Bank of China |
| Malion New vs. Jonjee Hi tech Industrial | Malion New vs. Jinsanjiang Silicon Material | Malion New vs. Sino Platinum Metals Co | Malion New vs. Guizhou Chanhen Chemical |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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