Correlation Between Jonjee Hi and Luyin Investment
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Luyin Investment Group, you can compare the effects of market volatilities on Jonjee Hi and Luyin Investment 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 Luyin Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Luyin Investment.
Diversification Opportunities for Jonjee Hi and Luyin Investment
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jonjee and Luyin is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Luyin Investment Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Luyin Investment 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 Luyin Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Luyin Investment has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Luyin Investment go up and down completely randomly.
Pair Corralation between Jonjee Hi and Luyin Investment
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Luyin Investment. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 1.41 times less risky than Luyin Investment. The stock trades about -0.15 of its potential returns per unit of risk. The Luyin Investment Group is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 616.00 in Luyin Investment Group on October 30, 2024 and sell it today you would lose (30.00) from holding Luyin Investment Group or give up 4.87% 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. Luyin Investment Group
Performance |
| Timeline |
| Jonjee Hi tech |
| Luyin Investment |
Jonjee Hi and Luyin Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Luyin Investment
The main advantage of trading using opposite Jonjee Hi and Luyin Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Luyin Investment 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 Luyin Investment will offset losses from the drop in Luyin Investment's long position.| Jonjee Hi vs. Kweichow Moutai Co | Jonjee Hi vs. Contemporary Amperex Technology | Jonjee Hi vs. G bits Network Technology | Jonjee Hi vs. Beijing Roborock Technology |
| Luyin Investment vs. Zijin Mining Group | Luyin Investment vs. Wanhua Chemical Group | Luyin Investment vs. Baoshan Iron Steel | Luyin Investment vs. Shandong Gold Mining |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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