Correlation Between Jonjee Hi and GRINM Semiconductor
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jonjee Hi tech Industrial and GRINM Semiconductor Materials, you can compare the effects of market volatilities on Jonjee Hi and GRINM Semiconductor 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 GRINM Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and GRINM Semiconductor.
Diversification Opportunities for Jonjee Hi and GRINM Semiconductor
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jonjee and GRINM is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and GRINM Semiconductor Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRINM Semiconductor 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 GRINM Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRINM Semiconductor has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and GRINM Semiconductor go up and down completely randomly.
Pair Corralation between Jonjee Hi and GRINM Semiconductor
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to under-perform the GRINM Semiconductor. But the stock apears to be less risky and, when comparing its historical volatility, Jonjee Hi tech Industrial is 1.44 times less risky than GRINM Semiconductor. The stock trades about -0.17 of its potential returns per unit of risk. The GRINM Semiconductor Materials is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 1,262 in GRINM Semiconductor Materials on August 28, 2024 and sell it today you would lose (78.00) from holding GRINM Semiconductor Materials or give up 6.18% 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. GRINM Semiconductor Materials
Performance |
| Timeline |
| Jonjee Hi tech |
| GRINM Semiconductor |
Jonjee Hi and GRINM Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jonjee Hi and GRINM Semiconductor
The main advantage of trading using opposite Jonjee Hi and GRINM Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, GRINM Semiconductor 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 GRINM Semiconductor will offset losses from the drop in GRINM Semiconductor'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 |
| GRINM Semiconductor vs. Zhejiang Yayi Metal | GRINM Semiconductor vs. North Huajin Chemical | GRINM Semiconductor vs. Keda Clean Energy | GRINM Semiconductor 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |