Correlation Between Jointo Energy and Fujian Oriental
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By analyzing existing cross correlation between Jointo Energy Investment and Fujian Oriental Silver, you can compare the effects of market volatilities on Jointo Energy and Fujian Oriental 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 Fujian Oriental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Fujian Oriental.
Diversification Opportunities for Jointo Energy and Fujian Oriental
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jointo and Fujian is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Fujian Oriental Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Oriental Silver 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 Fujian Oriental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Oriental Silver has no effect on the direction of Jointo Energy i.e., Jointo Energy and Fujian Oriental go up and down completely randomly.
Pair Corralation between Jointo Energy and Fujian Oriental
Assuming the 90 days trading horizon Jointo Energy Investment is expected to under-perform the Fujian Oriental. But the stock apears to be less risky and, when comparing its historical volatility, Jointo Energy Investment is 1.8 times less risky than Fujian Oriental. The stock trades about -0.02 of its potential returns per unit of risk. The Fujian Oriental Silver is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 925.00 in Fujian Oriental Silver on September 12, 2024 and sell it today you would lose (151.00) from holding Fujian Oriental Silver or give up 16.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Fujian Oriental Silver
Performance |
| Timeline |
| Jointo Energy Investment |
| Fujian Oriental Silver |
Jointo Energy and Fujian Oriental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Fujian Oriental
The main advantage of trading using opposite Jointo Energy and Fujian Oriental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Fujian Oriental 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 Fujian Oriental will offset losses from the drop in Fujian Oriental's long position.| Jointo Energy vs. Tieling Newcity Investment | Jointo Energy vs. Zhongrun Resources Investment | Jointo Energy vs. Zhejiang Kingland Pipeline | Jointo Energy vs. Dymatic Chemicals |
| Fujian Oriental vs. Guangdong Jingyi Metal | Fujian Oriental vs. Bomin Electronics Co | Fujian Oriental vs. Xinjiang Baodi Mining | Fujian Oriental vs. Dongguan Tarry Electronics |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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