Correlation Between Jointo Energy and Ningbo MedicalSystem
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By analyzing existing cross correlation between Jointo Energy Investment and Ningbo MedicalSystem Biotechnology, you can compare the effects of market volatilities on Jointo Energy and Ningbo MedicalSystem 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 Ningbo MedicalSystem. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Ningbo MedicalSystem.
Diversification Opportunities for Jointo Energy and Ningbo MedicalSystem
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jointo and Ningbo is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Ningbo MedicalSystem Biotechno in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo MedicalSystem 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 Ningbo MedicalSystem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo MedicalSystem has no effect on the direction of Jointo Energy i.e., Jointo Energy and Ningbo MedicalSystem go up and down completely randomly.
Pair Corralation between Jointo Energy and Ningbo MedicalSystem
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 2.22 times more return on investment than Ningbo MedicalSystem. However, Jointo Energy is 2.22 times more volatile than Ningbo MedicalSystem Biotechnology. It trades about -0.06 of its potential returns per unit of risk. Ningbo MedicalSystem Biotechnology is currently generating about -0.41 per unit of risk. If you would invest 541.00 in Jointo Energy Investment on October 11, 2024 and sell it today you would lose (32.00) from holding Jointo Energy Investment or give up 5.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Ningbo MedicalSystem Biotechno
Performance |
| Timeline |
| Jointo Energy Investment |
| Ningbo MedicalSystem |
Jointo Energy and Ningbo MedicalSystem Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Ningbo MedicalSystem
The main advantage of trading using opposite Jointo Energy and Ningbo MedicalSystem positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Ningbo MedicalSystem 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 Ningbo MedicalSystem will offset losses from the drop in Ningbo MedicalSystem's long position.| Jointo Energy vs. Gansu Huangtai Wine marketing | Jointo Energy vs. CSSC Offshore Marine | Jointo Energy vs. Easyhome New Retail | Jointo Energy vs. Industrial Bank Co |
| Ningbo MedicalSystem vs. Beijing Kingsoft Office | Ningbo MedicalSystem vs. Bank of Communications | Ningbo MedicalSystem vs. King Strong New Material | Ningbo MedicalSystem vs. Quectel Wireless Solutions |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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