Correlation Between Linewell Software and Jonjee Hi
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By analyzing existing cross correlation between Linewell Software Co and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Linewell Software 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 Linewell Software with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Linewell Software and Jonjee Hi.
Diversification Opportunities for Linewell Software and Jonjee Hi
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Linewell and Jonjee is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Linewell Software 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 Linewell Software 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 Linewell Software 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 Linewell Software i.e., Linewell Software and Jonjee Hi go up and down completely randomly.
Pair Corralation between Linewell Software and Jonjee Hi
Assuming the 90 days trading horizon Linewell Software is expected to generate 3.6 times less return on investment than Jonjee Hi. In addition to that, Linewell Software is 1.34 times more volatile than Jonjee Hi tech Industrial. It trades about 0.02 of its total potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about 0.11 per unit of volatility. If you would invest 2,364 in Jonjee Hi tech Industrial on September 14, 2024 and sell it today you would earn a total of 137.00 from holding Jonjee Hi tech Industrial or generate 5.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Linewell Software Co vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Linewell Software |
| Jonjee Hi tech |
Linewell Software and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Linewell Software and Jonjee Hi
The main advantage of trading using opposite Linewell Software and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Linewell Software 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.| Linewell Software vs. Ming Yang Smart | Linewell Software vs. 159681 | Linewell Software vs. 159005 | Linewell Software vs. Loctek Ergonomic Technology |
| Jonjee Hi vs. HUAQIN TECHNOLOGY LTD | Jonjee Hi vs. Jinhe Biotechnology Co | Jonjee Hi vs. Linewell Software Co | Jonjee Hi vs. Yuan Longping High tech |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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