Correlation Between Hainan Haiqi and Jointo Energy
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By analyzing existing cross correlation between Hainan Haiqi Transportation and Jointo Energy Investment, you can compare the effects of market volatilities on Hainan Haiqi 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 Hainan Haiqi with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Haiqi and Jointo Energy.
Diversification Opportunities for Hainan Haiqi and Jointo Energy
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hainan and Jointo is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Haiqi Transportation 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 Hainan Haiqi 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 Hainan Haiqi Transportation 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 Hainan Haiqi i.e., Hainan Haiqi and Jointo Energy go up and down completely randomly.
Pair Corralation between Hainan Haiqi and Jointo Energy
Assuming the 90 days trading horizon Hainan Haiqi Transportation is expected to under-perform the Jointo Energy. In addition to that, Hainan Haiqi is 1.15 times more volatile than Jointo Energy Investment. It trades about -0.01 of its total potential returns per unit of risk. Jointo Energy Investment is currently generating about 0.01 per unit of volatility. If you would invest 543.00 in Jointo Energy Investment on September 1, 2024 and sell it today you would lose (30.00) from holding Jointo Energy Investment or give up 5.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Haiqi Transportation vs. Jointo Energy Investment
Performance |
| Timeline |
| Hainan Haiqi Transpo |
| Jointo Energy Investment |
Hainan Haiqi and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Haiqi and Jointo Energy
The main advantage of trading using opposite Hainan Haiqi and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Haiqi 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.| Hainan Haiqi vs. Nanjing Putian Telecommunications | Hainan Haiqi vs. Shenzhen Hifuture Electric | Hainan Haiqi vs. Tianjin Realty Development | Hainan Haiqi vs. Shenyang Huitian Thermal |
| Jointo Energy vs. Chengdu Kanghua Biological | Jointo Energy vs. Beijing Wantai Biological | Jointo Energy vs. Suzhou Novoprotein Scientific | Jointo Energy vs. Aluminum Corp of |
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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