Correlation Between Jointo Energy and HaiXin Foods
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By analyzing existing cross correlation between Jointo Energy Investment and HaiXin Foods Co, you can compare the effects of market volatilities on Jointo Energy and HaiXin Foods 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 HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and HaiXin Foods.
Diversification Opportunities for Jointo Energy and HaiXin Foods
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jointo and HaiXin is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods 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 HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Jointo Energy i.e., Jointo Energy and HaiXin Foods go up and down completely randomly.
Pair Corralation between Jointo Energy and HaiXin Foods
Assuming the 90 days trading horizon Jointo Energy is expected to generate 1.03 times less return on investment than HaiXin Foods. But when comparing it to its historical volatility, Jointo Energy Investment is 1.47 times less risky than HaiXin Foods. It trades about 0.05 of its potential returns per unit of risk. HaiXin Foods Co is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 348.00 in HaiXin Foods Co on November 3, 2024 and sell it today you would earn a total of 52.00 from holding HaiXin Foods Co or generate 14.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. HaiXin Foods Co
Performance |
| Timeline |
| Jointo Energy Investment |
| HaiXin Foods |
Jointo Energy and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and HaiXin Foods
The main advantage of trading using opposite Jointo Energy and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Jointo Energy vs. HUAQIN TECHNOLOGY LTD | Jointo Energy vs. Ningbo Fangzheng Automobile | Jointo Energy vs. Nanjing Putian Telecommunications | Jointo Energy vs. Sinofibers Technology Co |
| HaiXin Foods vs. Ingenic Semiconductor | HaiXin Foods vs. GRINM Semiconductor Materials | HaiXin Foods vs. Guangxi Wuzhou Communications | HaiXin Foods vs. Hua Hong Semiconductor |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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