Correlation Between Yuanjie Semiconductor and Jointo Energy
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By analyzing existing cross correlation between Yuanjie Semiconductor Technology and Jointo Energy Investment, you can compare the effects of market volatilities on Yuanjie Semiconductor 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 Yuanjie Semiconductor with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuanjie Semiconductor and Jointo Energy.
Diversification Opportunities for Yuanjie Semiconductor and Jointo Energy
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Yuanjie and Jointo is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Yuanjie Semiconductor Technolo 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 Yuanjie Semiconductor 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 Yuanjie Semiconductor Technology 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 Yuanjie Semiconductor i.e., Yuanjie Semiconductor and Jointo Energy go up and down completely randomly.
Pair Corralation between Yuanjie Semiconductor and Jointo Energy
Assuming the 90 days trading horizon Yuanjie Semiconductor Technology is expected to generate 1.91 times more return on investment than Jointo Energy. However, Yuanjie Semiconductor is 1.91 times more volatile than Jointo Energy Investment. It trades about 0.1 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about 0.03 per unit of risk. If you would invest 9,341 in Yuanjie Semiconductor Technology on November 3, 2024 and sell it today you would earn a total of 5,220 from holding Yuanjie Semiconductor Technology or generate 55.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yuanjie Semiconductor Technolo vs. Jointo Energy Investment
Performance |
| Timeline |
| Yuanjie Semiconductor |
| Jointo Energy Investment |
Yuanjie Semiconductor and Jointo Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuanjie Semiconductor and Jointo Energy
The main advantage of trading using opposite Yuanjie Semiconductor and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuanjie Semiconductor 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.| Yuanjie Semiconductor vs. China Aluminum International | Yuanjie Semiconductor vs. Zhejiang Yongjin Metal | Yuanjie Semiconductor vs. Nanjing OLO Home | Yuanjie Semiconductor vs. Ningbo Homelink Eco iTech |
| Jointo Energy vs. Sportsoul Co Ltd | Jointo Energy vs. Hubei Tech Semiconductors | Jointo Energy vs. Shanghai V Test Semiconductor | Jointo Energy vs. Kingclean Electric 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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