Correlation Between Beijing Roborock and Jonjee Hi-tech
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By analyzing existing cross correlation between Beijing Roborock Technology and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Beijing Roborock and Jonjee Hi-tech 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 Beijing Roborock with a short position of Jonjee Hi-tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Jonjee Hi-tech.
Diversification Opportunities for Beijing Roborock and Jonjee Hi-tech
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Jonjee is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology 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 Beijing Roborock 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 Beijing Roborock Technology are associated (or correlated) with Jonjee Hi-tech. 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 Beijing Roborock i.e., Beijing Roborock and Jonjee Hi-tech go up and down completely randomly.
Pair Corralation between Beijing Roborock and Jonjee Hi-tech
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to under-perform the Jonjee Hi-tech. In addition to that, Beijing Roborock is 1.36 times more volatile than Jonjee Hi tech Industrial. It trades about -0.05 of its total potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about 0.04 per unit of volatility. If you would invest 2,093 in Jonjee Hi tech Industrial on November 6, 2024 and sell it today you would earn a total of 19.00 from holding Jonjee Hi tech Industrial or generate 0.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Beijing Roborock Tec |
| Jonjee Hi tech |
Beijing Roborock and Jonjee Hi-tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Jonjee Hi-tech
The main advantage of trading using opposite Beijing Roborock and Jonjee Hi-tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Jonjee Hi-tech 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-tech will offset losses from the drop in Jonjee Hi-tech's long position.| Beijing Roborock vs. Yuanjie Semiconductor Technology | Beijing Roborock vs. Pengxin International Mining | Beijing Roborock vs. Ningbo Fujia Industrial | Beijing Roborock vs. Ingenic Semiconductor |
| Jonjee Hi-tech vs. China Longyuan Power | Jonjee Hi-tech vs. PetroChina Co Ltd | Jonjee Hi-tech vs. Guangxi Guiguan Electric | Jonjee Hi-tech vs. Yantai North Andre |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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