Correlation Between Shenzhen MYS and Jointo Energy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shenzhen MYS Environmental and Jointo Energy Investment, you can compare the effects of market volatilities on Shenzhen MYS 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 Shenzhen MYS with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen MYS and Jointo Energy.
Diversification Opportunities for Shenzhen MYS and Jointo Energy
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenzhen and Jointo is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen MYS Environmental 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 Shenzhen MYS 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 Shenzhen MYS Environmental 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 Shenzhen MYS i.e., Shenzhen MYS and Jointo Energy go up and down completely randomly.
Pair Corralation between Shenzhen MYS and Jointo Energy
Assuming the 90 days trading horizon Shenzhen MYS Environmental is expected to under-perform the Jointo Energy. But the stock apears to be less risky and, when comparing its historical volatility, Shenzhen MYS Environmental is 1.19 times less risky than Jointo Energy. The stock trades about -0.14 of its potential returns per unit of risk. The Jointo Energy Investment is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest 557.00 in Jointo Energy Investment on October 20, 2024 and sell it today you would lose (48.00) from holding Jointo Energy Investment or give up 8.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen MYS Environmental vs. Jointo Energy Investment
Performance |
| Timeline |
| Shenzhen MYS Environ |
| Jointo Energy Investment |
Shenzhen MYS and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen MYS and Jointo Energy
The main advantage of trading using opposite Shenzhen MYS and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen MYS 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.| Shenzhen MYS vs. Bus Online Co | Shenzhen MYS vs. Guangdong Xiongsu Technology | Shenzhen MYS vs. Kuangda Technology Group | Shenzhen MYS vs. Tianjin Ruixin Technology |
| Jointo Energy vs. Tibet Huayu Mining | Jointo Energy vs. North Copper Shanxi | Jointo Energy vs. Hainan Mining Co | Jointo Energy vs. China Minmetals Rare |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |