Correlation Between Jointo Energy and Dook Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jointo Energy Investment and Dook Media Group, you can compare the effects of market volatilities on Jointo Energy and Dook Media 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 Dook Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Dook Media.
Diversification Opportunities for Jointo Energy and Dook Media
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jointo and Dook is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Dook Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dook Media Group 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 Dook Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dook Media Group has no effect on the direction of Jointo Energy i.e., Jointo Energy and Dook Media go up and down completely randomly.
Pair Corralation between Jointo Energy and Dook Media
Assuming the 90 days trading horizon Jointo Energy is expected to generate 15.46 times less return on investment than Dook Media. But when comparing it to its historical volatility, Jointo Energy Investment is 2.31 times less risky than Dook Media. It trades about 0.02 of its potential returns per unit of risk. Dook Media Group is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 1,073 in Dook Media Group on September 4, 2024 and sell it today you would earn a total of 91.00 from holding Dook Media Group or generate 8.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Dook Media Group
Performance |
| Timeline |
| Jointo Energy Investment |
| Dook Media Group |
Jointo Energy and Dook Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Dook Media
The main advantage of trading using opposite Jointo Energy and Dook Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Dook Media 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 Dook Media will offset losses from the drop in Dook Media's 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 |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |