Correlation Between ACM Research and JCET Group
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By analyzing existing cross correlation between ACM Research Shanghai and JCET Group Co, you can compare the effects of market volatilities on ACM Research 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 ACM Research with a short position of JCET Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of ACM Research and JCET Group.
Diversification Opportunities for ACM Research and JCET Group
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between ACM and JCET is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding ACM Research Shanghai and JCET Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JCET Group and ACM Research 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 ACM Research Shanghai 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 ACM Research i.e., ACM Research and JCET Group go up and down completely randomly.
Pair Corralation between ACM Research and JCET Group
Assuming the 90 days trading horizon ACM Research Shanghai is expected to generate 1.18 times more return on investment than JCET Group. However, ACM Research is 1.18 times more volatile than JCET Group Co. It trades about 0.06 of its potential returns per unit of risk. JCET Group Co is currently generating about 0.07 per unit of risk. If you would invest 8,464 in ACM Research Shanghai on September 27, 2024 and sell it today you would earn a total of 1,887 from holding ACM Research Shanghai or generate 22.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
ACM Research Shanghai vs. JCET Group Co
Performance |
| Timeline |
| ACM Research Shanghai |
| JCET Group |
ACM Research and JCET Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ACM Research and JCET Group
The main advantage of trading using opposite ACM Research and JCET Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ACM Research 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.| ACM Research vs. Ming Yang Smart | ACM Research vs. 159681 | ACM Research vs. 159005 | ACM Research vs. Loctek Ergonomic Technology |
| 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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