Correlation Between Jointo Energy and Shenzhen Centralcon
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By analyzing existing cross correlation between Jointo Energy Investment and Shenzhen Centralcon Investment, you can compare the effects of market volatilities on Jointo Energy and Shenzhen Centralcon 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 Jointo Energy with a short position of Shenzhen Centralcon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Shenzhen Centralcon.
Diversification Opportunities for Jointo Energy and Shenzhen Centralcon
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jointo and Shenzhen is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Shenzhen Centralcon Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Centralcon and Jointo Energy 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 Jointo Energy Investment are associated (or correlated) with Shenzhen Centralcon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Centralcon has no effect on the direction of Jointo Energy i.e., Jointo Energy and Shenzhen Centralcon go up and down completely randomly.
Pair Corralation between Jointo Energy and Shenzhen Centralcon
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 0.64 times more return on investment than Shenzhen Centralcon. However, Jointo Energy Investment is 1.56 times less risky than Shenzhen Centralcon. It trades about -0.02 of its potential returns per unit of risk. Shenzhen Centralcon Investment is currently generating about -0.01 per unit of risk. 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 |
Jointo Energy Investment vs. Shenzhen Centralcon Investment
Performance |
| Timeline |
| Jointo Energy Investment |
| Shenzhen Centralcon |
Jointo Energy and Shenzhen Centralcon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Shenzhen Centralcon
The main advantage of trading using opposite Jointo Energy and Shenzhen Centralcon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Shenzhen Centralcon 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 Shenzhen Centralcon will offset losses from the drop in Shenzhen Centralcon's long position.| Jointo Energy vs. Tieling Newcity Investment | Jointo Energy vs. Zhongrun Resources Investment | Jointo Energy vs. Zhejiang Kingland Pipeline | Jointo Energy vs. Dymatic Chemicals |
| Shenzhen Centralcon vs. Industrial and Commercial | Shenzhen Centralcon vs. China Construction Bank | Shenzhen Centralcon vs. Bank of China | Shenzhen Centralcon vs. Agricultural Bank of |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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