Correlation Between Jointo Energy and Epoxy Base
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By analyzing existing cross correlation between Jointo Energy Investment and Epoxy Base Electronic, you can compare the effects of market volatilities on Jointo Energy and Epoxy Base 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 Epoxy Base. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Epoxy Base.
Diversification Opportunities for Jointo Energy and Epoxy Base
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jointo and Epoxy is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Epoxy Base Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Epoxy Base Electronic 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 Epoxy Base. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Epoxy Base Electronic has no effect on the direction of Jointo Energy i.e., Jointo Energy and Epoxy Base go up and down completely randomly.
Pair Corralation between Jointo Energy and Epoxy Base
Assuming the 90 days trading horizon Jointo Energy Investment is expected to under-perform the Epoxy Base. In addition to that, Jointo Energy is 1.01 times more volatile than Epoxy Base Electronic. It trades about -0.08 of its total potential returns per unit of risk. Epoxy Base Electronic is currently generating about -0.07 per unit of volatility. If you would invest 628.00 in Epoxy Base Electronic on October 17, 2024 and sell it today you would lose (46.00) from holding Epoxy Base Electronic or give up 7.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Epoxy Base Electronic
Performance |
| Timeline |
| Jointo Energy Investment |
| Epoxy Base Electronic |
Jointo Energy and Epoxy Base Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Epoxy Base
The main advantage of trading using opposite Jointo Energy and Epoxy Base positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Epoxy Base 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 Epoxy Base will offset losses from the drop in Epoxy Base's long position.| Jointo Energy vs. GRG Banking Equipment | Jointo Energy vs. Lecron Energy Saving | Jointo Energy vs. Jiangsu Financial Leasing | Jointo Energy vs. Ping An Insurance |
| Epoxy Base vs. Jointo Energy Investment | Epoxy Base vs. Servyou Software Group | Epoxy Base vs. Jiangsu Yueda Investment | Epoxy Base vs. Suzhou Douson Drilling |
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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