Correlation Between Jonjee Hi and Orinko Advanced
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Orinko Advanced Plastics, you can compare the effects of market volatilities on Jonjee Hi and Orinko Advanced 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 Orinko Advanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Orinko Advanced.
Diversification Opportunities for Jonjee Hi and Orinko Advanced
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jonjee and Orinko is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Orinko Advanced Plastics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Orinko Advanced Plastics 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 Orinko Advanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Orinko Advanced Plastics has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Orinko Advanced go up and down completely randomly.
Pair Corralation between Jonjee Hi and Orinko Advanced
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Orinko Advanced. In addition to that, Jonjee Hi is 1.1 times more volatile than Orinko Advanced Plastics. It trades about -0.1 of its total potential returns per unit of risk. Orinko Advanced Plastics is currently generating about 0.09 per unit of volatility. If you would invest 861.00 in Orinko Advanced Plastics on August 25, 2024 and sell it today you would earn a total of 35.00 from holding Orinko Advanced Plastics or generate 4.07% 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. Orinko Advanced Plastics
Performance |
| Timeline |
| Jonjee Hi tech |
| Orinko Advanced Plastics |
Jonjee Hi and Orinko Advanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Orinko Advanced
The main advantage of trading using opposite Jonjee Hi and Orinko Advanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Orinko Advanced 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 Orinko Advanced will offset losses from the drop in Orinko Advanced'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 |
| Orinko Advanced vs. Jiangxi Hengda Hi Tech | Orinko Advanced vs. FSPG Hi Tech Co | Orinko Advanced vs. Guangdong Shenglu Telecommunication | Orinko Advanced vs. Jonjee Hi tech Industrial |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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