Correlation Between Jointo Energy and Olympic Circuit
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By analyzing existing cross correlation between Jointo Energy Investment and Olympic Circuit Technology, you can compare the effects of market volatilities on Jointo Energy and Olympic Circuit 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 Olympic Circuit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Olympic Circuit.
Diversification Opportunities for Jointo Energy and Olympic Circuit
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jointo and Olympic is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Olympic Circuit Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Olympic Circuit Tech 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 Olympic Circuit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Olympic Circuit Tech has no effect on the direction of Jointo Energy i.e., Jointo Energy and Olympic Circuit go up and down completely randomly.
Pair Corralation between Jointo Energy and Olympic Circuit
Assuming the 90 days trading horizon Jointo Energy is expected to generate 10.38 times less return on investment than Olympic Circuit. But when comparing it to its historical volatility, Jointo Energy Investment is 1.3 times less risky than Olympic Circuit. It trades about 0.01 of its potential returns per unit of risk. Olympic Circuit Technology is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 1,460 in Olympic Circuit Technology on September 3, 2024 and sell it today you would earn a total of 1,628 from holding Olympic Circuit Technology or generate 111.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. Olympic Circuit Technology
Performance |
| Timeline |
| Jointo Energy Investment |
| Olympic Circuit Tech |
Jointo Energy and Olympic Circuit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and Olympic Circuit
The main advantage of trading using opposite Jointo Energy and Olympic Circuit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Olympic Circuit 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 Olympic Circuit will offset losses from the drop in Olympic Circuit's long position.| Jointo Energy vs. Industrial and Commercial | Jointo Energy vs. Agricultural Bank of | Jointo Energy vs. China Construction Bank | Jointo Energy vs. Bank of China |
| Olympic Circuit vs. Nuode Investment Co | Olympic Circuit vs. Jointo Energy Investment | Olympic Circuit vs. Shenzhen Centralcon Investment | Olympic Circuit vs. Haima Automobile Group |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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