Correlation Between Jonjee Hi and Cansino Biologics
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Cansino Biologics, you can compare the effects of market volatilities on Jonjee Hi and Cansino Biologics 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 Cansino Biologics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Cansino Biologics.
Diversification Opportunities for Jonjee Hi and Cansino Biologics
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jonjee and Cansino is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Cansino Biologics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cansino Biologics 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 Cansino Biologics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cansino Biologics has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Cansino Biologics go up and down completely randomly.
Pair Corralation between Jonjee Hi and Cansino Biologics
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Cansino Biologics. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 1.09 times less risky than Cansino Biologics. The stock trades about -0.24 of its potential returns per unit of risk. The Cansino Biologics is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 5,998 in Cansino Biologics on October 28, 2024 and sell it today you would lose (123.00) from holding Cansino Biologics or give up 2.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jonjee Hi tech Industrial vs. Cansino Biologics
Performance |
| Timeline |
| Jonjee Hi tech |
| Cansino Biologics |
Jonjee Hi and Cansino Biologics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Cansino Biologics
The main advantage of trading using opposite Jonjee Hi and Cansino Biologics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Cansino Biologics 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 Cansino Biologics will offset losses from the drop in Cansino Biologics' 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 |
| Cansino Biologics vs. Ming Yang Smart | Cansino Biologics vs. 159681 | Cansino Biologics vs. 159005 | Cansino Biologics vs. Loctek Ergonomic 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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