Correlation Between Cinda Securities and Jointo Energy
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cinda Securities Co and Jointo Energy Investment, you can compare the effects of market volatilities on Cinda Securities 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 Cinda Securities with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cinda Securities and Jointo Energy.
Diversification Opportunities for Cinda Securities and Jointo Energy
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Cinda and Jointo is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Cinda Securities 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 Cinda Securities 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 Cinda Securities 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 Cinda Securities i.e., Cinda Securities and Jointo Energy go up and down completely randomly.
Pair Corralation between Cinda Securities and Jointo Energy
Assuming the 90 days trading horizon Cinda Securities Co is expected to under-perform the Jointo Energy. But the stock apears to be less risky and, when comparing its historical volatility, Cinda Securities Co is 1.11 times less risky than Jointo Energy. The stock trades about -0.35 of its potential returns per unit of risk. The Jointo Energy Investment is currently generating about -0.24 of returns per unit of risk over similar time horizon. If you would invest 591.00 in Jointo Energy Investment on October 29, 2024 and sell it today you would lose (67.00) from holding Jointo Energy Investment or give up 11.34% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cinda Securities Co vs. Jointo Energy Investment
Performance |
| Timeline |
| Cinda Securities |
| Jointo Energy Investment |
Cinda Securities and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cinda Securities and Jointo Energy
The main advantage of trading using opposite Cinda Securities and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cinda Securities 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.| Cinda Securities vs. Eit Environmental Development | Cinda Securities vs. Elite Color Environmental | Cinda Securities vs. Yuanjie Semiconductor Technology | Cinda Securities vs. Thinkon Semiconductor Jinzhou |
| Jointo Energy vs. China Life Insurance | Jointo Energy vs. Cinda Securities Co | Jointo Energy vs. Piotech Inc A | Jointo Energy vs. Dongxing Sec Co |
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..
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |