Correlation Between Jonjee Hi and Shanghai Yanpu
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Shanghai Yanpu Metal, you can compare the effects of market volatilities on Jonjee Hi and Shanghai Yanpu 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 Shanghai Yanpu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Shanghai Yanpu.
Diversification Opportunities for Jonjee Hi and Shanghai Yanpu
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jonjee and Shanghai is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Shanghai Yanpu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Yanpu Metal 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 Shanghai Yanpu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Yanpu Metal has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Shanghai Yanpu go up and down completely randomly.
Pair Corralation between Jonjee Hi and Shanghai Yanpu
Assuming the 90 days trading horizon Jonjee Hi is expected to generate 12.53 times less return on investment than Shanghai Yanpu. But when comparing it to its historical volatility, Jonjee Hi tech Industrial is 1.19 times less risky than Shanghai Yanpu. It trades about 0.02 of its potential returns per unit of risk. Shanghai Yanpu Metal is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 2,950 in Shanghai Yanpu Metal on August 28, 2024 and sell it today you would earn a total of 917.00 from holding Shanghai Yanpu Metal or generate 31.08% 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. Shanghai Yanpu Metal
Performance |
| Timeline |
| Jonjee Hi tech |
| Shanghai Yanpu Metal |
Jonjee Hi and Shanghai Yanpu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Shanghai Yanpu
The main advantage of trading using opposite Jonjee Hi and Shanghai Yanpu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Shanghai Yanpu 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 Shanghai Yanpu will offset losses from the drop in Shanghai Yanpu's long position.| Jonjee Hi vs. China Petroleum Chemical | Jonjee Hi vs. PetroChina Co Ltd | Jonjee Hi vs. China State Construction | Jonjee Hi vs. China Railway Group |
| Shanghai Yanpu vs. Loongson Technology Corp | Shanghai Yanpu vs. Chongqing Road Bridge | Shanghai Yanpu vs. Shenzhen Fortune Trend | Shanghai Yanpu vs. Wuhan Xianglong Power |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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