Correlation Between Aluminum Corp and Jonjee Hi
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By analyzing existing cross correlation between Aluminum Corp of and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Aluminum Corp and Jonjee Hi 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 Aluminum Corp with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aluminum Corp and Jonjee Hi.
Diversification Opportunities for Aluminum Corp and Jonjee Hi
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Aluminum and Jonjee is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Aluminum Corp of and Jonjee Hi tech Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jonjee Hi tech and Aluminum Corp 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 Aluminum Corp of are associated (or correlated) with Jonjee Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jonjee Hi tech has no effect on the direction of Aluminum Corp i.e., Aluminum Corp and Jonjee Hi go up and down completely randomly.
Pair Corralation between Aluminum Corp and Jonjee Hi
Assuming the 90 days trading horizon Aluminum Corp of is expected to under-perform the Jonjee Hi. In addition to that, Aluminum Corp is 1.02 times more volatile than Jonjee Hi tech Industrial. It trades about -0.1 of its total potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about 0.01 per unit of volatility. If you would invest 2,356 in Jonjee Hi tech Industrial on September 3, 2024 and sell it today you would lose (3.00) from holding Jonjee Hi tech Industrial or give up 0.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Aluminum Corp of vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Aluminum Corp |
| Jonjee Hi tech |
Aluminum Corp and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aluminum Corp and Jonjee Hi
The main advantage of trading using opposite Aluminum Corp and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aluminum Corp position performs unexpectedly, Jonjee Hi 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 Jonjee Hi will offset losses from the drop in Jonjee Hi's long position.| Aluminum Corp vs. ROPEOK Technology Group | Aluminum Corp vs. Kingsignal Technology Co | Aluminum Corp vs. Northking Information Technology | Aluminum Corp vs. Henan Shuanghui Investment |
| Jonjee Hi vs. Beijing Wantai Biological | Jonjee Hi vs. Aluminum Corp of | Jonjee Hi vs. COL Digital Publishing | Jonjee Hi vs. Shaanxi Meineng Clean |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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