Correlation Between Jonjee Hi and Qiming Information
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By analyzing existing cross correlation between Jonjee Hi tech Industrial and Qiming Information Technology, you can compare the effects of market volatilities on Jonjee Hi and Qiming Information 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 Jonjee Hi with a short position of Qiming Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jonjee Hi and Qiming Information.
Diversification Opportunities for Jonjee Hi and Qiming Information
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jonjee and Qiming is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Jonjee Hi tech Industrial and Qiming Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qiming Information and Jonjee Hi 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 Jonjee Hi tech Industrial are associated (or correlated) with Qiming Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qiming Information has no effect on the direction of Jonjee Hi i.e., Jonjee Hi and Qiming Information go up and down completely randomly.
Pair Corralation between Jonjee Hi and Qiming Information
Assuming the 90 days trading horizon Jonjee Hi tech Industrial is expected to generate 0.35 times more return on investment than Qiming Information. However, Jonjee Hi tech Industrial is 2.82 times less risky than Qiming Information. It trades about -0.05 of its potential returns per unit of risk. Qiming Information Technology is currently generating about -0.04 per unit of risk. If you would invest 2,363 in Jonjee Hi tech Industrial on October 1, 2024 and sell it today you would lose (37.00) from holding Jonjee Hi tech Industrial or give up 1.57% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Jonjee Hi tech Industrial vs. Qiming Information Technology
Performance |
Timeline |
Jonjee Hi tech |
Qiming Information |
Jonjee Hi and Qiming Information Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jonjee Hi and Qiming Information
The main advantage of trading using opposite Jonjee Hi and Qiming Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jonjee Hi position performs unexpectedly, Qiming Information 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 Qiming Information will offset losses from the drop in Qiming Information's long position.Jonjee Hi vs. Hengli Industrial Development | Jonjee Hi vs. Ningbo Fujia Industrial | Jonjee Hi vs. Offcn Education Technology | Jonjee Hi vs. Chengtun Mining Group |
Qiming Information vs. Industrial and Commercial | Qiming Information vs. Agricultural Bank of | Qiming Information vs. China Construction Bank | Qiming Information vs. Bank of China |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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