Correlation Between Jonjee Hi-tech and Huaxia Fund
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Huaxia Fund Management, you can compare the effects of market volatilities on Jonjee Hi-tech and Huaxia Fund 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-tech with a short position of Huaxia Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi-tech and Huaxia Fund.
Diversification Opportunities for Jonjee Hi-tech and Huaxia Fund
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jonjee and Huaxia is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Huaxia Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Huaxia Fund Management and Jonjee Hi-tech 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 Huaxia Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaxia Fund Management has no effect on the direction of Jonjee Hi-tech i.e., Jonjee Hi-tech and Huaxia Fund go up and down completely randomly.
Pair Corralation between Jonjee Hi-tech and Huaxia Fund
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 2.94 times more return on investment than Huaxia Fund. However, Jonjee Hi-tech is 2.94 times more volatile than Huaxia Fund Management. It trades about 0.06 of its potential returns per unit of risk. Huaxia Fund Management is currently generating about 0.17 per unit of risk. If you would invest 2,287 in Jonjee Hi tech Industrial on September 1, 2024 and sell it today you would earn a total of 66.00 from holding Jonjee Hi tech Industrial or generate 2.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Huaxia Fund Management
Performance |
| Timeline |
| Jonjee Hi tech |
| Huaxia Fund Management |
Jonjee Hi-tech and Huaxia Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi-tech and Huaxia Fund
The main advantage of trading using opposite Jonjee Hi-tech and Huaxia Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi-tech position performs unexpectedly, Huaxia Fund 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 Huaxia Fund will offset losses from the drop in Huaxia Fund's long position.| Jonjee Hi-tech vs. Nanjing Putian Telecommunications | Jonjee Hi-tech vs. Shenzhen Hifuture Electric | Jonjee Hi-tech vs. Tianjin Realty Development | Jonjee Hi-tech vs. Shenyang Huitian Thermal |
| Huaxia Fund vs. Industrial and Commercial | Huaxia Fund vs. Kweichow Moutai Co | Huaxia Fund vs. Agricultural Bank of | Huaxia Fund vs. China Mobile Limited |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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