Correlation Between Jointo Energy and Harbin Air
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By analyzing existing cross correlation between Jointo Energy Investment and Harbin Air Conditioning, you can compare the effects of market volatilities on Jointo Energy and Harbin Air 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 Harbin Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Harbin Air.
Diversification Opportunities for Jointo Energy and Harbin Air
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jointo and Harbin is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Harbin Air Conditioning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Air Conditioning 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 Harbin Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Air Conditioning has no effect on the direction of Jointo Energy i.e., Jointo Energy and Harbin Air go up and down completely randomly.
Pair Corralation between Jointo Energy and Harbin Air
Assuming the 90 days trading horizon Jointo Energy is expected to generate 2.82 times less return on investment than Harbin Air. But when comparing it to its historical volatility, Jointo Energy Investment is 1.1 times less risky than Harbin Air. It trades about 0.1 of its potential returns per unit of risk. Harbin Air Conditioning is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 482.00 in Harbin Air Conditioning on September 14, 2024 and sell it today you would earn a total of 56.00 from holding Harbin Air Conditioning or generate 11.62% 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. Harbin Air Conditioning
Performance |
| Timeline |
| Jointo Energy Investment |
| Harbin Air Conditioning |
Jointo Energy and Harbin Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Harbin Air
The main advantage of trading using opposite Jointo Energy and Harbin Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Harbin Air 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 Harbin Air will offset losses from the drop in Harbin Air's long position.| Jointo Energy vs. Changjiang Jinggong Steel | Jointo Energy vs. Guangdong Qunxing Toys | Jointo Energy vs. Hubei Geoway Investment | Jointo Energy vs. Shenzhen MYS Environmental |
| Harbin Air vs. PetroChina Co Ltd | Harbin Air vs. China Mobile Limited | Harbin Air vs. CNOOC Limited | Harbin Air vs. Ping An Insurance |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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