Correlation Between Fujian Oriental and Jointo Energy
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By analyzing existing cross correlation between Fujian Oriental Silver and Jointo Energy Investment, you can compare the effects of market volatilities on Fujian Oriental 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 Fujian Oriental with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Oriental and Jointo Energy.
Diversification Opportunities for Fujian Oriental and Jointo Energy
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Fujian and Jointo is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Oriental Silver 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 Fujian Oriental 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 Fujian Oriental Silver 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 Fujian Oriental i.e., Fujian Oriental and Jointo Energy go up and down completely randomly.
Pair Corralation between Fujian Oriental and Jointo Energy
Assuming the 90 days trading horizon Fujian Oriental Silver is expected to generate 1.8 times more return on investment than Jointo Energy. However, Fujian Oriental is 1.8 times more volatile than Jointo Energy Investment. It trades about 0.01 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 925.00 in Fujian Oriental Silver on September 12, 2024 and sell it today you would lose (151.00) from holding Fujian Oriental Silver or give up 16.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Oriental Silver vs. Jointo Energy Investment
Performance |
| Timeline |
| Fujian Oriental Silver |
| Jointo Energy Investment |
Fujian Oriental and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Oriental and Jointo Energy
The main advantage of trading using opposite Fujian Oriental and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Oriental 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.| Fujian Oriental vs. Guangdong Jingyi Metal | Fujian Oriental vs. Bomin Electronics Co | Fujian Oriental vs. Xinjiang Baodi Mining | Fujian Oriental vs. Dongguan Tarry Electronics |
| Jointo Energy vs. Tieling Newcity Investment | Jointo Energy vs. Zhongrun Resources Investment | Jointo Energy vs. Zhejiang Kingland Pipeline | Jointo Energy vs. Dymatic Chemicals |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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