Correlation Between Ciwen Media and Jointo Energy
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By analyzing existing cross correlation between Ciwen Media Co and Jointo Energy Investment, you can compare the effects of market volatilities on Ciwen Media 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 Ciwen Media with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ciwen Media and Jointo Energy.
Diversification Opportunities for Ciwen Media and Jointo Energy
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ciwen and Jointo is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Ciwen Media Co 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 Ciwen Media 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 Ciwen Media Co 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 Ciwen Media i.e., Ciwen Media and Jointo Energy go up and down completely randomly.
Pair Corralation between Ciwen Media and Jointo Energy
Assuming the 90 days trading horizon Ciwen Media Co is expected to generate 2.46 times more return on investment than Jointo Energy. However, Ciwen Media is 2.46 times more volatile than Jointo Energy Investment. It trades about 0.25 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about 0.02 per unit of risk. If you would invest 635.00 in Ciwen Media Co on September 4, 2024 and sell it today you would earn a total of 127.00 from holding Ciwen Media Co or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ciwen Media Co vs. Jointo Energy Investment
Performance |
| Timeline |
| Ciwen Media |
| Jointo Energy Investment |
Ciwen Media and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ciwen Media and Jointo Energy
The main advantage of trading using opposite Ciwen Media and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ciwen Media 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.| Ciwen Media vs. Hoshine Silicon Ind | Ciwen Media vs. Iat Automobile Technology | Ciwen Media vs. China Construction Bank | Ciwen Media vs. Guangzhou KingTeller Technology |
| Jointo Energy vs. Industrial and Commercial | Jointo Energy vs. Agricultural Bank of | Jointo Energy vs. China Construction Bank | Jointo Energy vs. Bank of China |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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