Correlation Between Jointo Energy and Guangdong Qunxing
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By analyzing existing cross correlation between Jointo Energy Investment and Guangdong Qunxing Toys, you can compare the effects of market volatilities on Jointo Energy and Guangdong Qunxing 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 Guangdong Qunxing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Guangdong Qunxing.
Diversification Opportunities for Jointo Energy and Guangdong Qunxing
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jointo and Guangdong is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Guangdong Qunxing Toys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Qunxing Toys 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 Guangdong Qunxing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Qunxing Toys has no effect on the direction of Jointo Energy i.e., Jointo Energy and Guangdong Qunxing go up and down completely randomly.
Pair Corralation between Jointo Energy and Guangdong Qunxing
Assuming the 90 days trading horizon Jointo Energy Investment is expected to under-perform the Guangdong Qunxing. But the stock apears to be less risky and, when comparing its historical volatility, Jointo Energy Investment is 1.42 times less risky than Guangdong Qunxing. The stock trades about -0.24 of its potential returns per unit of risk. The Guangdong Qunxing Toys is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest 727.00 in Guangdong Qunxing Toys on October 25, 2024 and sell it today you would lose (70.00) from holding Guangdong Qunxing Toys or give up 9.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Guangdong Qunxing Toys
Performance |
| Timeline |
| Jointo Energy Investment |
| Guangdong Qunxing Toys |
Jointo Energy and Guangdong Qunxing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Guangdong Qunxing
The main advantage of trading using opposite Jointo Energy and Guangdong Qunxing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Guangdong Qunxing 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 Guangdong Qunxing will offset losses from the drop in Guangdong Qunxing's long position.| Jointo Energy vs. Changchun BCHT Biotechnology | Jointo Energy vs. Pengxin International Mining | Jointo Energy vs. Shenyang Blue Silver | Jointo Energy vs. Western Mining Co |
| Guangdong Qunxing vs. PetroChina Co Ltd | Guangdong Qunxing vs. Gansu Jiu Steel | Guangdong Qunxing vs. Ming Yang Smart | Guangdong Qunxing vs. Aba Chemicals Corp |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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