Correlation Between Jointo Energy and Hangzhou Minsheng
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By analyzing existing cross correlation between Jointo Energy Investment and Hangzhou Minsheng Healthcare, you can compare the effects of market volatilities on Jointo Energy and Hangzhou Minsheng 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 Hangzhou Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Hangzhou Minsheng.
Diversification Opportunities for Jointo Energy and Hangzhou Minsheng
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jointo and Hangzhou is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Hangzhou Minsheng Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Minsheng 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 Hangzhou Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Minsheng has no effect on the direction of Jointo Energy i.e., Jointo Energy and Hangzhou Minsheng go up and down completely randomly.
Pair Corralation between Jointo Energy and Hangzhou Minsheng
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 0.73 times more return on investment than Hangzhou Minsheng. However, Jointo Energy Investment is 1.36 times less risky than Hangzhou Minsheng. It trades about 0.0 of its potential returns per unit of risk. Hangzhou Minsheng Healthcare is currently generating about -0.07 per unit of risk. If you would invest 534.00 in Jointo Energy Investment on October 14, 2024 and sell it today you would lose (49.00) from holding Jointo Energy Investment or give up 9.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 68.62% |
| Values | Daily Returns |
Jointo Energy Investment vs. Hangzhou Minsheng Healthcare
Performance |
| Timeline |
| Jointo Energy Investment |
| Hangzhou Minsheng |
Jointo Energy and Hangzhou Minsheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Hangzhou Minsheng
The main advantage of trading using opposite Jointo Energy and Hangzhou Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Hangzhou Minsheng 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 Hangzhou Minsheng will offset losses from the drop in Hangzhou Minsheng'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 |
| Hangzhou Minsheng vs. Tieling Newcity Investment | Hangzhou Minsheng vs. Eyebright Medical Technology | Hangzhou Minsheng vs. Jointo Energy Investment | Hangzhou Minsheng vs. 360 Security Technology |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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