Correlation Between Heilongjiang Publishing and Jonjee Hi
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By analyzing existing cross correlation between Heilongjiang Publishing Media and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Heilongjiang Publishing 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 Heilongjiang Publishing with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Publishing and Jonjee Hi.
Diversification Opportunities for Heilongjiang Publishing and Jonjee Hi
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Heilongjiang and Jonjee is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Publishing Media 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 Heilongjiang Publishing 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 Heilongjiang Publishing Media 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 Heilongjiang Publishing i.e., Heilongjiang Publishing and Jonjee Hi go up and down completely randomly.
Pair Corralation between Heilongjiang Publishing and Jonjee Hi
Assuming the 90 days trading horizon Heilongjiang Publishing Media is expected to generate 1.58 times more return on investment than Jonjee Hi. However, Heilongjiang Publishing is 1.58 times more volatile than Jonjee Hi tech Industrial. It trades about 0.16 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about 0.07 per unit of risk. If you would invest 1,520 in Heilongjiang Publishing Media on September 13, 2024 and sell it today you would earn a total of 200.00 from holding Heilongjiang Publishing Media or generate 13.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Publishing Media vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Heilongjiang Publishing |
| Jonjee Hi tech |
Heilongjiang Publishing and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Publishing and Jonjee Hi
The main advantage of trading using opposite Heilongjiang Publishing and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Publishing 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.| Heilongjiang Publishing vs. Ming Yang Smart | Heilongjiang Publishing vs. 159681 | Heilongjiang Publishing vs. 159005 | Heilongjiang Publishing vs. Loctek Ergonomic Technology |
| Jonjee Hi vs. Nanjing Putian Telecommunications | Jonjee Hi vs. Tianjin Realty Development | Jonjee Hi vs. Kangyue Technology Co | Jonjee Hi vs. Shenzhen Hifuture Electric |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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