Correlation Between Jonjee Hi and Minami Acoustics
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Minami Acoustics Ltd, you can compare the effects of market volatilities on Jonjee Hi and Minami Acoustics 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 Minami Acoustics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Minami Acoustics.
Diversification Opportunities for Jonjee Hi and Minami Acoustics
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jonjee and Minami is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Minami Acoustics Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Minami Acoustics 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 Minami Acoustics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Minami Acoustics has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Minami Acoustics go up and down completely randomly.
Pair Corralation between Jonjee Hi and Minami Acoustics
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Minami Acoustics. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 2.84 times less risky than Minami Acoustics. The stock trades about -0.17 of its potential returns per unit of risk. The Minami Acoustics Ltd is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 5,039 in Minami Acoustics Ltd on October 25, 2024 and sell it today you would earn a total of 891.00 from holding Minami Acoustics Ltd or generate 17.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Minami Acoustics Ltd
Performance |
| Timeline |
| Jonjee Hi tech |
| Minami Acoustics |
Jonjee Hi and Minami Acoustics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Minami Acoustics
The main advantage of trading using opposite Jonjee Hi and Minami Acoustics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Minami Acoustics 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 Minami Acoustics will offset losses from the drop in Minami Acoustics' long position.| Jonjee Hi vs. Agricultural Bank of | Jonjee Hi vs. Postal Savings Bank | Jonjee Hi vs. Bank of Communications | Jonjee Hi vs. China Merchants Bank |
| Minami Acoustics vs. Mengtian Home Group | Minami Acoustics vs. China World Trade | Minami Acoustics vs. Dazhong Transportation Group | Minami Acoustics vs. Anhui Transport Consulting |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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