Correlation Between Xinya Electronic and JCET Group
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By analyzing existing cross correlation between Xinya Electronic Co and JCET Group Co, you can compare the effects of market volatilities on Xinya Electronic and JCET Group 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 Xinya Electronic with a short position of JCET Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and JCET Group.
Diversification Opportunities for Xinya Electronic and JCET Group
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinya and JCET is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and JCET Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JCET Group and Xinya Electronic 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 Xinya Electronic Co are associated (or correlated) with JCET Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JCET Group has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and JCET Group go up and down completely randomly.
Pair Corralation between Xinya Electronic and JCET Group
Assuming the 90 days trading horizon Xinya Electronic is expected to generate 1.06 times less return on investment than JCET Group. But when comparing it to its historical volatility, Xinya Electronic Co is 1.11 times less risky than JCET Group. It trades about 0.07 of its potential returns per unit of risk. JCET Group Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 3,171 in JCET Group Co on September 26, 2024 and sell it today you would earn a total of 722.00 from holding JCET Group Co or generate 22.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinya Electronic Co vs. JCET Group Co
Performance |
| Timeline |
| Xinya Electronic |
| JCET Group |
Xinya Electronic and JCET Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and JCET Group
The main advantage of trading using opposite Xinya Electronic and JCET Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, JCET Group 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 JCET Group will offset losses from the drop in JCET Group's long position.| Xinya Electronic vs. Shengtak New Material | Xinya Electronic vs. Ningxia Building Materials | Xinya Electronic vs. Jiugui Liquor Co | Xinya Electronic vs. Shenzhen SDG Information |
| JCET Group vs. Dhc Software Co | JCET Group vs. Xinya Electronic Co | JCET Group vs. Fuzhou Rockchip Electronics | JCET Group vs. Kuang Chi Technologies |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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