Correlation Between JS Global and Hi Tech
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By analyzing existing cross correlation between JS Global Banking and Hi Tech Lubricants, you can compare the effects of market volatilities on JS Global and 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 JS Global with a short position of Hi Tech. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Global and Hi Tech.
Diversification Opportunities for JS Global and Hi Tech
Weak diversification
The 3 months correlation between JSGBETF and HTL is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding JS Global Banking and Hi Tech Lubricants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hi Tech Lubricants and JS Global 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 JS Global Banking are associated (or correlated) with 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 Hi Tech Lubricants has no effect on the direction of JS Global i.e., JS Global and Hi Tech go up and down completely randomly.
Pair Corralation between JS Global and Hi Tech
Assuming the 90 days trading horizon JS Global Banking is expected to generate 0.89 times more return on investment than Hi Tech. However, JS Global Banking is 1.12 times less risky than Hi Tech. It trades about 0.14 of its potential returns per unit of risk. Hi Tech Lubricants is currently generating about 0.04 per unit of risk. If you would invest 1,009 in JS Global Banking on August 24, 2024 and sell it today you would earn a total of 1,041 from holding JS Global Banking or generate 103.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 46.19% |
| Values | Daily Returns |
JS Global Banking vs. Hi Tech Lubricants
Performance |
| Timeline |
| JS Global Banking |
| Hi Tech Lubricants |
JS Global and Hi Tech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Global and Hi Tech
The main advantage of trading using opposite JS Global and Hi Tech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Global position performs unexpectedly, 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 Hi Tech will offset losses from the drop in Hi Tech's long position.| JS Global vs. Habib Insurance | JS Global vs. Ghandhara Automobile | JS Global vs. Century Insurance | JS Global vs. Reliance Weaving Mills |
| Hi Tech vs. Shaheen Insurance | Hi Tech vs. Premier Insurance | Hi Tech vs. Crescent Star Insurance | Hi Tech vs. Adamjee Insurance |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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