Correlation Between Jointo Energy and Fujian Boss
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By analyzing existing cross correlation between Jointo Energy Investment and Fujian Boss Software, you can compare the effects of market volatilities on Jointo Energy and Fujian Boss 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 Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Fujian Boss.
Diversification Opportunities for Jointo Energy and Fujian Boss
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jointo and Fujian is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software 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 Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of Jointo Energy i.e., Jointo Energy and Fujian Boss go up and down completely randomly.
Pair Corralation between Jointo Energy and Fujian Boss
Assuming the 90 days trading horizon Jointo Energy Investment is expected to under-perform the Fujian Boss. But the stock apears to be less risky and, when comparing its historical volatility, Jointo Energy Investment is 1.61 times less risky than Fujian Boss. The stock trades about -0.1 of its potential returns per unit of risk. The Fujian Boss Software is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 1,260 in Fujian Boss Software on September 3, 2024 and sell it today you would earn a total of 562.00 from holding Fujian Boss Software or generate 44.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Fujian Boss Software
Performance |
| Timeline |
| Jointo Energy Investment |
| Fujian Boss Software |
Jointo Energy and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Fujian Boss
The main advantage of trading using opposite Jointo Energy and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Fujian Boss 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 Fujian Boss will offset losses from the drop in Fujian Boss' long position.| Jointo Energy vs. Industrial and Commercial | Jointo Energy vs. Agricultural Bank of | Jointo Energy vs. China Construction Bank | Jointo Energy vs. Bank of China |
| Fujian Boss vs. Qingdao Foods Co | Fujian Boss vs. Gan Yuan Foods | Fujian Boss vs. Xiamen Jihong Package | Fujian Boss vs. Beijing Sanyuan Foods |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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