Correlation Between Citic Offshore and Jointo Energy
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By analyzing existing cross correlation between Citic Offshore Helicopter and Jointo Energy Investment, you can compare the effects of market volatilities on Citic Offshore 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 Citic Offshore with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Citic Offshore and Jointo Energy.
Diversification Opportunities for Citic Offshore and Jointo Energy
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Citic and Jointo is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Citic Offshore Helicopter 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 Citic Offshore 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 Citic Offshore Helicopter 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 Citic Offshore i.e., Citic Offshore and Jointo Energy go up and down completely randomly.
Pair Corralation between Citic Offshore and Jointo Energy
Assuming the 90 days trading horizon Citic Offshore Helicopter is expected to generate 1.44 times more return on investment than Jointo Energy. However, Citic Offshore is 1.44 times more volatile than Jointo Energy Investment. It trades about -0.15 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about -0.3 per unit of risk. If you would invest 2,692 in Citic Offshore Helicopter on October 28, 2024 and sell it today you would lose (307.00) from holding Citic Offshore Helicopter or give up 11.4% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Citic Offshore Helicopter vs. Jointo Energy Investment
Performance |
| Timeline |
| Citic Offshore Helicopter |
| Jointo Energy Investment |
Citic Offshore and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Citic Offshore and Jointo Energy
The main advantage of trading using opposite Citic Offshore and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Citic Offshore 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.| Citic Offshore vs. China Sports Industry | Citic Offshore vs. Biwin Storage Technology | Citic Offshore vs. Hygon Information Technology | Citic Offshore vs. Sharetronic Data Technology |
| Jointo Energy vs. China Life Insurance | Jointo Energy vs. Cinda Securities Co | Jointo Energy vs. Piotech Inc A | Jointo Energy vs. Dongxing Sec Co |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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