Correlation Between Jointo Energy and JuneYao Dairy
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By analyzing existing cross correlation between Jointo Energy Investment and JuneYao Dairy Co, you can compare the effects of market volatilities on Jointo Energy and JuneYao Dairy 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 JuneYao Dairy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and JuneYao Dairy.
Diversification Opportunities for Jointo Energy and JuneYao Dairy
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jointo and JuneYao is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and JuneYao Dairy Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JuneYao Dairy 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 JuneYao Dairy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JuneYao Dairy has no effect on the direction of Jointo Energy i.e., Jointo Energy and JuneYao Dairy go up and down completely randomly.
Pair Corralation between Jointo Energy and JuneYao Dairy
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 0.96 times more return on investment than JuneYao Dairy. However, Jointo Energy Investment is 1.04 times less risky than JuneYao Dairy. It trades about -0.12 of its potential returns per unit of risk. JuneYao Dairy Co is currently generating about -0.24 per unit of risk. If you would invest 546.00 in Jointo Energy Investment on October 12, 2024 and sell it today you would lose (61.00) from holding Jointo Energy Investment or give up 11.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. JuneYao Dairy Co
Performance |
| Timeline |
| Jointo Energy Investment |
| JuneYao Dairy |
Jointo Energy and JuneYao Dairy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and JuneYao Dairy
The main advantage of trading using opposite Jointo Energy and JuneYao Dairy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, JuneYao Dairy 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 JuneYao Dairy will offset losses from the drop in JuneYao Dairy's long position.| Jointo Energy vs. Agricultural Bank of | Jointo Energy vs. Industrial and Commercial | Jointo Energy vs. Bank of China | Jointo Energy vs. PetroChina Co Ltd |
| JuneYao Dairy vs. Shanghai Material Trading | JuneYao Dairy vs. Hubei Geoway Investment | JuneYao Dairy vs. Jointo Energy Investment | JuneYao Dairy vs. Nanjing Putian Telecommunications |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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