Correlation Between Jointo Energy and Jiangxi Copper
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jointo Energy Investment and Jiangxi Copper Co, you can compare the effects of market volatilities on Jointo Energy and Jiangxi Copper 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 Jiangxi Copper. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Jiangxi Copper.
Diversification Opportunities for Jointo Energy and Jiangxi Copper
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jointo and Jiangxi is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Jiangxi Copper Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Copper 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 Jiangxi Copper. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Copper has no effect on the direction of Jointo Energy i.e., Jointo Energy and Jiangxi Copper go up and down completely randomly.
Pair Corralation between Jointo Energy and Jiangxi Copper
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 1.08 times more return on investment than Jiangxi Copper. However, Jointo Energy is 1.08 times more volatile than Jiangxi Copper Co. It trades about 0.06 of its potential returns per unit of risk. Jiangxi Copper Co is currently generating about -0.21 per unit of risk. If you would invest 518.00 in Jointo Energy Investment on September 5, 2024 and sell it today you would earn a total of 10.00 from holding Jointo Energy Investment or generate 1.93% 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. Jiangxi Copper Co
Performance |
| Timeline |
| Jointo Energy Investment |
| Jiangxi Copper |
Jointo Energy and Jiangxi Copper Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Jiangxi Copper
The main advantage of trading using opposite Jointo Energy and Jiangxi Copper positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Jiangxi Copper 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 Jiangxi Copper will offset losses from the drop in Jiangxi Copper's long position.| Jointo Energy vs. Vontron Technology Co | Jointo Energy vs. Jiujiang Shanshui Technology | Jointo Energy vs. Holitech Technology Co | Jointo Energy vs. Guangzhou KingTeller Technology |
| Jiangxi Copper vs. Suzhou Mingzhi Technology | Jiangxi Copper vs. Guangzhou Ruoyuchen Information | Jiangxi Copper vs. Nanjing Putian Telecommunications | Jiangxi Copper vs. YLZ Information Tech |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |