Correlation Between Jonjee Hi and Suzhou Mingzhi
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Suzhou Mingzhi Technology, you can compare the effects of market volatilities on Jonjee Hi and Suzhou Mingzhi 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 Suzhou Mingzhi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Suzhou Mingzhi.
Diversification Opportunities for Jonjee Hi and Suzhou Mingzhi
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jonjee and Suzhou is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Suzhou Mingzhi Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Mingzhi Technology 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 Suzhou Mingzhi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Mingzhi Technology has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Suzhou Mingzhi go up and down completely randomly.
Pair Corralation between Jonjee Hi and Suzhou Mingzhi
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the Suzhou Mingzhi. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 1.16 times less risky than Suzhou Mingzhi. The stock trades about -0.04 of its potential returns per unit of risk. The Suzhou Mingzhi Technology is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,458 in Suzhou Mingzhi Technology on August 29, 2024 and sell it today you would earn a total of 374.00 from holding Suzhou Mingzhi Technology or generate 25.65% 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. Suzhou Mingzhi Technology
Performance |
| Timeline |
| Jonjee Hi tech |
| Suzhou Mingzhi Technology |
Jonjee Hi and Suzhou Mingzhi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and Suzhou Mingzhi
The main advantage of trading using opposite Jonjee Hi and Suzhou Mingzhi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Suzhou Mingzhi 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 Suzhou Mingzhi will offset losses from the drop in Suzhou Mingzhi's long position.| Jonjee Hi vs. Jiangsu Xinri E Vehicle | Jonjee Hi vs. Xizi Clean Energy | Jonjee Hi vs. Shaanxi Meineng Clean | Jonjee Hi vs. China National Software |
| Suzhou Mingzhi vs. Zhejiang Construction Investment | Suzhou Mingzhi vs. Hunan Tyen Machinery | Suzhou Mingzhi vs. Tieling Newcity Investment | Suzhou Mingzhi vs. Tengda Construction Group |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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