Correlation Between Jangho Group and Jonjee Hi
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By analyzing existing cross correlation between Jangho Group Co and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Jangho Group 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 Jangho Group with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jangho Group and Jonjee Hi.
Diversification Opportunities for Jangho Group and Jonjee Hi
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jangho and Jonjee is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Jangho Group Co 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 Jangho Group 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 Jangho Group Co 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 Jangho Group i.e., Jangho Group and Jonjee Hi go up and down completely randomly.
Pair Corralation between Jangho Group and Jonjee Hi
Assuming the 90 days trading horizon Jangho Group Co is expected to generate 0.95 times more return on investment than Jonjee Hi. However, Jangho Group Co is 1.06 times less risky than Jonjee Hi. It trades about -0.02 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about -0.04 per unit of risk. If you would invest 816.00 in Jangho Group Co on September 3, 2024 and sell it today you would lose (242.00) from holding Jangho Group Co or give up 29.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jangho Group Co vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Jangho Group |
| Jonjee Hi tech |
Jangho Group and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jangho Group and Jonjee Hi
The main advantage of trading using opposite Jangho Group and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jangho Group 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.| Jangho Group vs. BTG Hotels Group | Jangho Group vs. Tsingtao Brewery Co | Jangho Group vs. Jonjee Hi tech Industrial | Jangho Group vs. Juneyao Airlines |
| 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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