Correlation Between Jointo Energy and Ye Chiu
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By analyzing existing cross correlation between Jointo Energy Investment and Ye Chiu Metal, you can compare the effects of market volatilities on Jointo Energy and Ye Chiu 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 Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Ye Chiu.
Diversification Opportunities for Jointo Energy and Ye Chiu
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jointo and 601388 is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu Metal 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 Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of Jointo Energy i.e., Jointo Energy and Ye Chiu go up and down completely randomly.
Pair Corralation between Jointo Energy and Ye Chiu
Assuming the 90 days trading horizon Jointo Energy is expected to generate 1.15 times less return on investment than Ye Chiu. But when comparing it to its historical volatility, Jointo Energy Investment is 1.3 times less risky than Ye Chiu. It trades about 0.05 of its potential returns per unit of risk. Ye Chiu Metal is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 191.00 in Ye Chiu Metal on November 3, 2024 and sell it today you would earn a total of 43.00 from holding Ye Chiu Metal or generate 22.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Ye Chiu Metal
Performance |
| Timeline |
| Jointo Energy Investment |
| Ye Chiu Metal |
Jointo Energy and Ye Chiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Ye Chiu
The main advantage of trading using opposite Jointo Energy and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu's long position.| Jointo Energy vs. HUAQIN TECHNOLOGY LTD | Jointo Energy vs. Ningbo Fangzheng Automobile | Jointo Energy vs. Nanjing Putian Telecommunications | Jointo Energy vs. Sinofibers Technology Co |
| Ye Chiu vs. Keda Clean Energy | Ye Chiu vs. Citic Guoan Wine | Ye Chiu vs. Tsingtao Brewery Co | Ye Chiu vs. Tonghua Grape Wine |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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