Correlation Between Jointo Energy and Jiujiang Shanshui
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By analyzing existing cross correlation between Jointo Energy Investment and Jiujiang Shanshui Technology, you can compare the effects of market volatilities on Jointo Energy and Jiujiang Shanshui 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 Jiujiang Shanshui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Jiujiang Shanshui.
Diversification Opportunities for Jointo Energy and Jiujiang Shanshui
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jointo and Jiujiang is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Jiujiang Shanshui Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiujiang Shanshui 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 Jiujiang Shanshui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiujiang Shanshui has no effect on the direction of Jointo Energy i.e., Jointo Energy and Jiujiang Shanshui go up and down completely randomly.
Pair Corralation between Jointo Energy and Jiujiang Shanshui
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 2.13 times more return on investment than Jiujiang Shanshui. However, Jointo Energy is 2.13 times more volatile than Jiujiang Shanshui Technology. It trades about -0.06 of its potential returns per unit of risk. Jiujiang Shanshui Technology is currently generating about -0.2 per unit of risk. If you would invest 533.00 in Jointo Energy Investment on October 18, 2024 and sell it today you would lose (34.00) from holding Jointo Energy Investment or give up 6.38% 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. Jiujiang Shanshui Technology
Performance |
| Timeline |
| Jointo Energy Investment |
| Jiujiang Shanshui |
Jointo Energy and Jiujiang Shanshui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Jiujiang Shanshui
The main advantage of trading using opposite Jointo Energy and Jiujiang Shanshui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Jiujiang Shanshui 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 Jiujiang Shanshui will offset losses from the drop in Jiujiang Shanshui's long position.| Jointo Energy vs. GRG Banking Equipment | Jointo Energy vs. Lecron Energy Saving | Jointo Energy vs. Jiangsu Financial Leasing | Jointo Energy vs. Ping An Insurance |
| Jiujiang Shanshui vs. Nanjing Putian Telecommunications | Jiujiang Shanshui vs. Time Publishing and | Jiujiang Shanshui vs. Xinhua Winshare Publishing | Jiujiang Shanshui vs. Ningbo Fangzheng Automobile |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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