Correlation Between Zoy Home and Jointo Energy
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By analyzing existing cross correlation between Zoy Home Furnishing and Jointo Energy Investment, you can compare the effects of market volatilities on Zoy Home 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 Zoy Home with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoy Home and Jointo Energy.
Diversification Opportunities for Zoy Home and Jointo Energy
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Zoy and Jointo is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Zoy Home Furnishing 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 Zoy Home 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 Zoy Home Furnishing 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 Zoy Home i.e., Zoy Home and Jointo Energy go up and down completely randomly.
Pair Corralation between Zoy Home and Jointo Energy
Assuming the 90 days trading horizon Zoy Home is expected to generate 3.28 times less return on investment than Jointo Energy. In addition to that, Zoy Home is 1.33 times more volatile than Jointo Energy Investment. It trades about 0.0 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 October 25, 2024 and sell it today you would lose (13.00) from holding Jointo Energy Investment or give up 2.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoy Home Furnishing vs. Jointo Energy Investment
Performance |
| Timeline |
| Zoy Home Furnishing |
| Jointo Energy Investment |
Zoy Home and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoy Home and Jointo Energy
The main advantage of trading using opposite Zoy Home and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoy Home 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.| Zoy Home vs. PetroChina Co Ltd | Zoy Home vs. Gansu Jiu Steel | Zoy Home vs. Ming Yang Smart | Zoy Home vs. Aba Chemicals Corp |
| Jointo Energy vs. Changchun BCHT Biotechnology | Jointo Energy vs. Pengxin International Mining | Jointo Energy vs. Shenyang Blue Silver | Jointo Energy vs. Western Mining 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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