Correlation Between Shenzhen Centralcon and Jointo Energy
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By analyzing existing cross correlation between Shenzhen Centralcon Investment and Jointo Energy Investment, you can compare the effects of market volatilities on Shenzhen Centralcon and Jointo Energy 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 Shenzhen Centralcon with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Centralcon and Jointo Energy.
Diversification Opportunities for Shenzhen Centralcon and Jointo Energy
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Jointo is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Centralcon Investment and Jointo Energy Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jointo Energy Investment and Shenzhen Centralcon 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 Shenzhen Centralcon Investment are associated (or correlated) with Jointo Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jointo Energy Investment has no effect on the direction of Shenzhen Centralcon i.e., Shenzhen Centralcon and Jointo Energy go up and down completely randomly.
Pair Corralation between Shenzhen Centralcon and Jointo Energy
Assuming the 90 days trading horizon Shenzhen Centralcon Investment is expected to under-perform the Jointo Energy. In addition to that, Shenzhen Centralcon is 1.56 times more volatile than Jointo Energy Investment. It trades about -0.01 of its total potential returns per unit of risk. Jointo Energy Investment is currently generating about -0.02 per unit of volatility. If you would invest 669.00 in Jointo Energy Investment on September 12, 2024 and sell it today you would lose (128.00) from holding Jointo Energy Investment or give up 19.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Centralcon Investment vs. Jointo Energy Investment
Performance |
| Timeline |
| Shenzhen Centralcon |
| Jointo Energy Investment |
Shenzhen Centralcon and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Centralcon and Jointo Energy
The main advantage of trading using opposite Shenzhen Centralcon and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Centralcon position performs unexpectedly, Jointo Energy 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 Jointo Energy will offset losses from the drop in Jointo Energy's long position.| Shenzhen Centralcon vs. Industrial and Commercial | Shenzhen Centralcon vs. China Construction Bank | Shenzhen Centralcon vs. Bank of China | Shenzhen Centralcon vs. Agricultural Bank of |
| Jointo Energy vs. Tieling Newcity Investment | Jointo Energy vs. Zhongrun Resources Investment | Jointo Energy vs. Zhejiang Kingland Pipeline | Jointo Energy vs. Dymatic Chemicals |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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