Correlation Between Jointo Energy and Fuzhou Rockchip
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By analyzing existing cross correlation between Jointo Energy Investment and Fuzhou Rockchip Electronics, you can compare the effects of market volatilities on Jointo Energy and Fuzhou Rockchip 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 Fuzhou Rockchip. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Fuzhou Rockchip.
Diversification Opportunities for Jointo Energy and Fuzhou Rockchip
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jointo and Fuzhou is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Fuzhou Rockchip Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fuzhou Rockchip Elec 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 Fuzhou Rockchip. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fuzhou Rockchip Elec has no effect on the direction of Jointo Energy i.e., Jointo Energy and Fuzhou Rockchip go up and down completely randomly.
Pair Corralation between Jointo Energy and Fuzhou Rockchip
Assuming the 90 days trading horizon Jointo Energy Investment is expected to under-perform the Fuzhou Rockchip. But the stock apears to be less risky and, when comparing its historical volatility, Jointo Energy Investment is 2.48 times less risky than Fuzhou Rockchip. The stock trades about -0.23 of its potential returns per unit of risk. The Fuzhou Rockchip Electronics is currently generating about 0.33 of returns per unit of risk over similar time horizon. If you would invest 11,595 in Fuzhou Rockchip Electronics on October 30, 2024 and sell it today you would earn a total of 4,855 from holding Fuzhou Rockchip Electronics or generate 41.87% 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. Fuzhou Rockchip Electronics
Performance |
| Timeline |
| Jointo Energy Investment |
| Fuzhou Rockchip Elec |
Jointo Energy and Fuzhou Rockchip Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Fuzhou Rockchip
The main advantage of trading using opposite Jointo Energy and Fuzhou Rockchip positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Fuzhou Rockchip 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 Fuzhou Rockchip will offset losses from the drop in Fuzhou Rockchip's long position.| Jointo Energy vs. Hengli Industrial Development | Jointo Energy vs. Pengxin International Mining | Jointo Energy vs. CITIC Metal Co | Jointo Energy vs. Zhejiang Yongjin Metal |
| Fuzhou Rockchip vs. Guocheng Mining Co | Fuzhou Rockchip vs. Guangdong Jingyi Metal | Fuzhou Rockchip vs. Uroica Mining Safety | Fuzhou Rockchip vs. Hainan Mining 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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