Correlation Between Hunan Investment and Jointo Energy
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By analyzing existing cross correlation between Hunan Investment Group and Jointo Energy Investment, you can compare the effects of market volatilities on Hunan Investment 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 Hunan Investment with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Investment and Jointo Energy.
Diversification Opportunities for Hunan Investment and Jointo Energy
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hunan and Jointo is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Investment Group 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 Hunan Investment 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 Hunan Investment Group 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 Hunan Investment i.e., Hunan Investment and Jointo Energy go up and down completely randomly.
Pair Corralation between Hunan Investment and Jointo Energy
Assuming the 90 days trading horizon Hunan Investment Group is expected to under-perform the Jointo Energy. But the stock apears to be less risky and, when comparing its historical volatility, Hunan Investment Group is 1.01 times less risky than Jointo Energy. The stock trades about -0.06 of its potential returns per unit of risk. The Jointo Energy Investment is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 526.00 in Jointo Energy Investment on November 28, 2024 and sell it today you would earn a total of 12.00 from holding Jointo Energy Investment or generate 2.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.12% |
| Values | Daily Returns |
Hunan Investment Group vs. Jointo Energy Investment
Performance |
| Timeline |
| Hunan Investment |
| Jointo Energy Investment |
Hunan Investment and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Investment and Jointo Energy
The main advantage of trading using opposite Hunan Investment and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Investment 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.| Hunan Investment vs. Jiangsu Jinling Sports | Hunan Investment vs. Rising Nonferrous Metals | Hunan Investment vs. Shanghai Rongtai Health | Hunan Investment vs. By health |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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