Correlation Between Jointo Energy and Harbin Hatou
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By analyzing existing cross correlation between Jointo Energy Investment and Harbin Hatou Investment, you can compare the effects of market volatilities on Jointo Energy and Harbin Hatou 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 Hatou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Harbin Hatou.
Diversification Opportunities for Jointo Energy and Harbin Hatou
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jointo and Harbin is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Harbin Hatou Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harbin Hatou Investment 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 Hatou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harbin Hatou Investment has no effect on the direction of Jointo Energy i.e., Jointo Energy and Harbin Hatou go up and down completely randomly.
Pair Corralation between Jointo Energy and Harbin Hatou
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 1.24 times more return on investment than Harbin Hatou. However, Jointo Energy is 1.24 times more volatile than Harbin Hatou Investment. It trades about -0.06 of its potential returns per unit of risk. Harbin Hatou Investment is currently generating about -0.23 per unit of risk. If you would invest 563.00 in Jointo Energy Investment on October 24, 2024 and sell it today you would lose (33.00) from holding Jointo Energy Investment or give up 5.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Harbin Hatou Investment
Performance |
| Timeline |
| Jointo Energy Investment |
| Harbin Hatou Investment |
Jointo Energy and Harbin Hatou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Harbin Hatou
The main advantage of trading using opposite Jointo Energy and Harbin Hatou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Harbin Hatou 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 Hatou will offset losses from the drop in Harbin Hatou's long position.| Jointo Energy vs. Dymatic Chemicals | Jointo Energy vs. HeBei Jinniu Chemical | Jointo Energy vs. Miracll Chemicals Co | Jointo Energy vs. Maoming Petro Chemical Shihua |
| Harbin Hatou vs. Hubei Geoway Investment | Harbin Hatou vs. Jointo Energy Investment | Harbin Hatou vs. China Sports Industry | Harbin Hatou vs. Sportsoul Co Ltd |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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