Correlation Between China Construction and Jonjee Hi
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By analyzing existing cross correlation between China Construction Bank and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on China Construction 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 China Construction with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Construction and Jonjee Hi.
Diversification Opportunities for China Construction and Jonjee Hi
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Jonjee is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding China Construction Bank 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 China Construction 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 China Construction Bank 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 China Construction i.e., China Construction and Jonjee Hi go up and down completely randomly.
Pair Corralation between China Construction and Jonjee Hi
Assuming the 90 days trading horizon China Construction Bank is expected to generate 0.8 times more return on investment than Jonjee Hi. However, China Construction Bank is 1.26 times less risky than Jonjee Hi. It trades about 0.13 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about -0.15 per unit of risk. If you would invest 798.00 in China Construction Bank on October 30, 2024 and sell it today you would earn a total of 56.00 from holding China Construction Bank or generate 7.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Construction Bank vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| China Construction Bank |
| Jonjee Hi tech |
China Construction and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Construction and Jonjee Hi
The main advantage of trading using opposite China Construction and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Construction 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.| China Construction vs. Beingmate Baby Child | China Construction vs. Runjian Communication Co | China Construction vs. Fiberhome Telecommunication Technologies | China Construction vs. AUPU Home Style |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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