Correlation Between Jonjee Hi-tech and Industrial Securities
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Industrial Securities Co, you can compare the effects of market volatilities on Jonjee Hi-tech and Industrial Securities 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 Industrial Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi-tech and Industrial Securities.
Diversification Opportunities for Jonjee Hi-tech and Industrial Securities
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jonjee and Industrial is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Industrial Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial Securities 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 Industrial Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial Securities has no effect on the direction of Jonjee Hi-tech i.e., Jonjee Hi-tech and Industrial Securities go up and down completely randomly.
Pair Corralation between Jonjee Hi-tech and Industrial Securities
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 1.21 times more return on investment than Industrial Securities. However, Jonjee Hi-tech is 1.21 times more volatile than Industrial Securities Co. It trades about 0.1 of its potential returns per unit of risk. Industrial Securities Co is currently generating about 0.02 per unit of risk. If you would invest 2,234 in Jonjee Hi tech Industrial on September 2, 2024 and sell it today you would earn a total of 119.00 from holding Jonjee Hi tech Industrial or generate 5.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Industrial Securities Co
Performance |
| Timeline |
| Jonjee Hi tech |
| Industrial Securities |
Jonjee Hi-tech and Industrial Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi-tech and Industrial Securities
The main advantage of trading using opposite Jonjee Hi-tech and Industrial Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi-tech position performs unexpectedly, Industrial Securities 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 Industrial Securities will offset losses from the drop in Industrial Securities' 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 |
| Industrial Securities vs. BeiGene | Industrial Securities vs. Kweichow Moutai Co | Industrial Securities vs. Beijing Roborock Technology | Industrial Securities vs. G bits Network Technology |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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