Correlation Between Jointo Energy and Suzhou Industrial
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By analyzing existing cross correlation between Jointo Energy Investment and Suzhou Industrial Park, you can compare the effects of market volatilities on Jointo Energy and Suzhou Industrial 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 Suzhou Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Suzhou Industrial.
Diversification Opportunities for Jointo Energy and Suzhou Industrial
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jointo and Suzhou is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Suzhou Industrial Park in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Industrial Park 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 Suzhou Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Industrial Park has no effect on the direction of Jointo Energy i.e., Jointo Energy and Suzhou Industrial go up and down completely randomly.
Pair Corralation between Jointo Energy and Suzhou Industrial
Assuming the 90 days trading horizon Jointo Energy Investment is expected to under-perform the Suzhou Industrial. But the stock apears to be less risky and, when comparing its historical volatility, Jointo Energy Investment is 1.74 times less risky than Suzhou Industrial. The stock trades about -0.1 of its potential returns per unit of risk. The Suzhou Industrial Park is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 968.00 in Suzhou Industrial Park on October 14, 2024 and sell it today you would lose (12.00) from holding Suzhou Industrial Park or give up 1.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Suzhou Industrial Park
Performance |
| Timeline |
| Jointo Energy Investment |
| Suzhou Industrial Park |
Jointo Energy and Suzhou Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Suzhou Industrial
The main advantage of trading using opposite Jointo Energy and Suzhou Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Suzhou Industrial 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 Suzhou Industrial will offset losses from the drop in Suzhou Industrial's long position.| Jointo Energy vs. Tibet Huayu Mining | Jointo Energy vs. Western Mining Co | Jointo Energy vs. Chenzhou Jingui Silver | Jointo Energy vs. Guangdong Silvere Sci |
| Suzhou Industrial vs. Jointo Energy Investment | Suzhou Industrial vs. Henan Shuanghui Investment | Suzhou Industrial vs. Tieling Newcity Investment | Suzhou Industrial vs. Hubei Geoway Investment |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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