Correlation Between Jointo Energy and Yindu Kitchen
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By analyzing existing cross correlation between Jointo Energy Investment and Yindu Kitchen Equipment, you can compare the effects of market volatilities on Jointo Energy and Yindu Kitchen 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 Yindu Kitchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Yindu Kitchen.
Diversification Opportunities for Jointo Energy and Yindu Kitchen
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jointo and Yindu is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Yindu Kitchen Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yindu Kitchen Equipment 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 Yindu Kitchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yindu Kitchen Equipment has no effect on the direction of Jointo Energy i.e., Jointo Energy and Yindu Kitchen go up and down completely randomly.
Pair Corralation between Jointo Energy and Yindu Kitchen
Assuming the 90 days trading horizon Jointo Energy is expected to generate 7.24 times less return on investment than Yindu Kitchen. But when comparing it to its historical volatility, Jointo Energy Investment is 1.45 times less risky than Yindu Kitchen. It trades about 0.06 of its potential returns per unit of risk. Yindu Kitchen Equipment is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 2,268 in Yindu Kitchen Equipment on November 5, 2024 and sell it today you would earn a total of 297.00 from holding Yindu Kitchen Equipment or generate 13.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Yindu Kitchen Equipment
Performance |
| Timeline |
| Jointo Energy Investment |
| Yindu Kitchen Equipment |
Jointo Energy and Yindu Kitchen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Yindu Kitchen
The main advantage of trading using opposite Jointo Energy and Yindu Kitchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Yindu Kitchen 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 Yindu Kitchen will offset losses from the drop in Yindu Kitchen's long position.| Jointo Energy vs. CICT Mobile Communication | Jointo Energy vs. Xinxiang Chemical Fiber | Jointo Energy vs. Maoming Petro Chemical Shihua | Jointo Energy vs. Daoming OpticsChemical Co |
| Yindu Kitchen vs. Ningbo MedicalSystem Biotechnology | Yindu Kitchen vs. China Life Insurance | Yindu Kitchen vs. Cultural Investment Holdings | Yindu Kitchen vs. Nuode Investment Co |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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