Correlation Between Suzhou Mingzhi and Jonjee Hi
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By analyzing existing cross correlation between Suzhou Mingzhi Technology and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on Suzhou Mingzhi 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 Suzhou Mingzhi with a short position of Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Mingzhi and Jonjee Hi.
Diversification Opportunities for Suzhou Mingzhi and Jonjee Hi
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Suzhou and Jonjee is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Mingzhi 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 Suzhou Mingzhi 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 Suzhou Mingzhi Technology 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 Suzhou Mingzhi i.e., Suzhou Mingzhi and Jonjee Hi go up and down completely randomly.
Pair Corralation between Suzhou Mingzhi and Jonjee Hi
Assuming the 90 days trading horizon Suzhou Mingzhi Technology is expected to generate 1.16 times more return on investment than Jonjee Hi. However, Suzhou Mingzhi is 1.16 times more volatile than Jonjee Hi tech Industrial. It trades about 0.07 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about -0.04 per unit of risk. If you would invest 1,458 in Suzhou Mingzhi Technology on August 29, 2024 and sell it today you would earn a total of 374.00 from holding Suzhou Mingzhi Technology or generate 25.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Suzhou Mingzhi Technology vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| Suzhou Mingzhi Technology |
| Jonjee Hi tech |
Suzhou Mingzhi and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Mingzhi and Jonjee Hi
The main advantage of trading using opposite Suzhou Mingzhi and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Mingzhi 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.| Suzhou Mingzhi vs. Zhejiang Construction Investment | Suzhou Mingzhi vs. Hunan Tyen Machinery | Suzhou Mingzhi vs. Tieling Newcity Investment | Suzhou Mingzhi vs. Tengda Construction Group |
| Jonjee Hi vs. Jiangsu Xinri E Vehicle | Jonjee Hi vs. Xizi Clean Energy | Jonjee Hi vs. Shaanxi Meineng Clean | Jonjee Hi vs. China National Software |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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