Correlation Between Jonjee Hi and Zhejiang Tailin
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Zhejiang Tailin Bioengineering, you can compare the effects of market volatilities on Jonjee Hi and Zhejiang Tailin 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 Tailin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Zhejiang Tailin.
Diversification Opportunities for Jonjee Hi and Zhejiang Tailin
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jonjee and Zhejiang is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Zhejiang Tailin Bioengineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Tailin Bioe 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 Tailin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Tailin Bioe has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Zhejiang Tailin go up and down completely randomly.
Pair Corralation between Jonjee Hi and Zhejiang Tailin
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 0.56 times more return on investment than Zhejiang Tailin. However, Jonjee Hi tech Industrial is 1.8 times less risky than Zhejiang Tailin. It trades about -0.38 of its potential returns per unit of risk. Zhejiang Tailin Bioengineering is currently generating about -0.21 per unit of risk. If you would invest 2,410 in Jonjee Hi tech Industrial on October 17, 2024 and sell it today you would lose (287.00) from holding Jonjee Hi tech Industrial or give up 11.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Zhejiang Tailin Bioengineering
Performance |
| Timeline |
| Jonjee Hi tech |
| Zhejiang Tailin Bioe |
Jonjee Hi and Zhejiang Tailin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Zhejiang Tailin
The main advantage of trading using opposite Jonjee Hi and Zhejiang Tailin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Zhejiang Tailin 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 Tailin will offset losses from the drop in Zhejiang Tailin'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 |
| Zhejiang Tailin vs. Gifore Agricultural Machinery | Zhejiang Tailin vs. Masterwork Machinery | Zhejiang Tailin vs. Jonjee Hi tech Industrial | Zhejiang Tailin vs. Sichuan Yahua 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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