Correlation Between MayAir Technology and Jointo Energy
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By analyzing existing cross correlation between MayAir Technology Co and Jointo Energy Investment, you can compare the effects of market volatilities on MayAir Technology 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 MayAir Technology with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Jointo Energy.
Diversification Opportunities for MayAir Technology and Jointo Energy
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between MayAir and Jointo is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology 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 MayAir Technology 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 MayAir Technology 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 MayAir Technology i.e., MayAir Technology and Jointo Energy go up and down completely randomly.
Pair Corralation between MayAir Technology and Jointo Energy
Assuming the 90 days trading horizon MayAir Technology Co is expected to under-perform the Jointo Energy. But the stock apears to be less risky and, when comparing its historical volatility, MayAir Technology Co is 1.48 times less risky than Jointo Energy. The stock trades about -0.11 of its potential returns per unit of risk. The Jointo Energy Investment is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 512.00 in Jointo Energy Investment on October 16, 2024 and sell it today you would lose (27.00) from holding Jointo Energy Investment or give up 5.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
MayAir Technology Co vs. Jointo Energy Investment
Performance |
| Timeline |
| MayAir Technology |
| Jointo Energy Investment |
MayAir Technology and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Jointo Energy
The main advantage of trading using opposite MayAir Technology and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology 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.| MayAir Technology vs. Changchun Engley Automobile | MayAir Technology vs. Easyhome New Retail | MayAir Technology vs. Dynagreen Environmental Protection | MayAir Technology vs. Haima Automobile Group |
| Jointo Energy vs. MayAir Technology Co | Jointo Energy vs. Beijing Mainstreets Investment | Jointo Energy vs. Tibet Huayu Mining | Jointo Energy vs. Kunwu Jiuding Investment |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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