Correlation Between Jonjee Hi and Guangdong Marubi
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Jonjee Hi and Guangdong Marubi 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 Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Guangdong Marubi.
Diversification Opportunities for Jonjee Hi and Guangdong Marubi
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jonjee and Guangdong is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio 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 Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Jonjee Hi and Guangdong Marubi
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 1.07 times more return on investment than Guangdong Marubi. However, Jonjee Hi is 1.07 times more volatile than Guangdong Marubi Biotechnology. It trades about -0.1 of its potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about -0.13 per unit of risk. If you would invest 2,294 in Jonjee Hi tech Industrial on August 25, 2024 and sell it today you would lose (144.00) from holding Jonjee Hi tech Industrial or give up 6.28% of portfolio value 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. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Jonjee Hi tech |
| Guangdong Marubi Bio |
Jonjee Hi and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Guangdong Marubi
The main advantage of trading using opposite Jonjee Hi and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi's long position.| Jonjee Hi vs. Jiugui Liquor Co | Jonjee Hi vs. Peoples Insurance of | Jonjee Hi vs. Ligao Foods CoLtd | Jonjee Hi vs. Xiamen Jihong Package |
| Guangdong Marubi vs. Winner Medical Co | Guangdong Marubi vs. Jinhe Biotechnology Co | Guangdong Marubi vs. Shenzhen Bioeasy Biotechnology | Guangdong Marubi vs. CareRay Digital Medical |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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