Correlation Between Zhejiang Daily and Jointo Energy
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By analyzing existing cross correlation between Zhejiang Daily Media and Jointo Energy Investment, you can compare the effects of market volatilities on Zhejiang Daily 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 Zhejiang Daily with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Daily and Jointo Energy.
Diversification Opportunities for Zhejiang Daily and Jointo Energy
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Zhejiang and Jointo is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Daily Media 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 Zhejiang Daily 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 Zhejiang Daily Media 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 Zhejiang Daily i.e., Zhejiang Daily and Jointo Energy go up and down completely randomly.
Pair Corralation between Zhejiang Daily and Jointo Energy
Assuming the 90 days trading horizon Zhejiang Daily Media is expected to under-perform the Jointo Energy. But the stock apears to be less risky and, when comparing its historical volatility, Zhejiang Daily Media is 1.6 times less risky than Jointo Energy. The stock trades about -0.44 of its potential returns per unit of risk. The Jointo Energy Investment is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest 544.00 in Jointo Energy Investment on October 15, 2024 and sell it today you would lose (59.00) from holding Jointo Energy Investment or give up 10.85% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Daily Media vs. Jointo Energy Investment
Performance |
| Timeline |
| Zhejiang Daily Media |
| Jointo Energy Investment |
Zhejiang Daily and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Daily and Jointo Energy
The main advantage of trading using opposite Zhejiang Daily and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Daily 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.| Zhejiang Daily vs. Jiangsu Hoperun Software | Zhejiang Daily vs. Hangzhou Pinming Software | Zhejiang Daily vs. Beijing Baolande Software | Zhejiang Daily vs. Telling Telecommunication Holding |
| Jointo Energy vs. Tibet Huayu Mining | Jointo Energy vs. Western Mining Co | Jointo Energy vs. Chenzhou Jingui Silver | Jointo Energy vs. Guangdong Silvere Sci |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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