Correlation Between Ningbo Jintian and Jointo Energy
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By analyzing existing cross correlation between Ningbo Jintian Copper and Jointo Energy Investment, you can compare the effects of market volatilities on Ningbo Jintian 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 Ningbo Jintian with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Jintian and Jointo Energy.
Diversification Opportunities for Ningbo Jintian and Jointo Energy
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Jointo is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Jintian Copper 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 Ningbo Jintian 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 Ningbo Jintian Copper 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 Ningbo Jintian i.e., Ningbo Jintian and Jointo Energy go up and down completely randomly.
Pair Corralation between Ningbo Jintian and Jointo Energy
Assuming the 90 days trading horizon Ningbo Jintian Copper is expected to under-perform the Jointo Energy. But the stock apears to be less risky and, when comparing its historical volatility, Ningbo Jintian Copper is 1.34 times less risky than Jointo Energy. The stock trades about -0.01 of its potential returns per unit of risk. The Jointo Energy Investment is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 565.00 in Jointo Energy Investment on November 5, 2024 and sell it today you would lose (39.00) from holding Jointo Energy Investment or give up 6.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Jintian Copper vs. Jointo Energy Investment
Performance |
| Timeline |
| Ningbo Jintian Copper |
| Jointo Energy Investment |
Ningbo Jintian and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Jintian and Jointo Energy
The main advantage of trading using opposite Ningbo Jintian and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Jintian 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.| Ningbo Jintian vs. Zijin Mining Group | Ningbo Jintian vs. Wanhua Chemical Group | Ningbo Jintian vs. Baoshan Iron Steel | Ningbo Jintian vs. Shandong Gold Mining |
| 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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