Correlation Between GRG Banking and Jointo Energy
Specify exactly 2 symbols:
By analyzing existing cross correlation between GRG Banking Equipment and Jointo Energy Investment, you can compare the effects of market volatilities on GRG Banking and Jointo Energy 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 GRG Banking with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Jointo Energy.
Diversification Opportunities for GRG Banking and Jointo Energy
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between GRG and Jointo is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment and Jointo Energy Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jointo Energy Investment and GRG Banking 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 GRG Banking Equipment are associated (or correlated) with Jointo Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jointo Energy Investment has no effect on the direction of GRG Banking i.e., GRG Banking and Jointo Energy go up and down completely randomly.
Pair Corralation between GRG Banking and Jointo Energy
Assuming the 90 days trading horizon GRG Banking Equipment is expected to generate 1.09 times more return on investment than Jointo Energy. However, GRG Banking is 1.09 times more volatile than Jointo Energy Investment. It trades about 0.09 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about 0.08 per unit of risk. If you would invest 917.00 in GRG Banking Equipment on October 18, 2024 and sell it today you would earn a total of 178.00 from holding GRG Banking Equipment or generate 19.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. Jointo Energy Investment
Performance |
| Timeline |
| GRG Banking Equipment |
| Jointo Energy Investment |
GRG Banking and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and Jointo Energy
The main advantage of trading using opposite GRG Banking and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking position performs unexpectedly, Jointo Energy 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 Jointo Energy will offset losses from the drop in Jointo Energy's long position.| GRG Banking vs. HeBei Jinniu Chemical | GRG Banking vs. Digiwin Software Co | GRG Banking vs. Shenzhen Noposion Agrochemicals | GRG Banking vs. Hangzhou Pinming Software |
| Jointo Energy vs. GRG Banking Equipment | Jointo Energy vs. Lecron Energy Saving | Jointo Energy vs. Jiangsu Financial Leasing | Jointo Energy vs. Ping An Insurance |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |