Correlation Between Hawaiian Electric and JinkoSolar Holding
Can any of the company-specific risk be diversified away by investing in both Hawaiian Electric and JinkoSolar Holding at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Hawaiian Electric and JinkoSolar Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hawaiian Electric Industries and JinkoSolar Holding Co, you can compare the effects of market volatilities on Hawaiian Electric and JinkoSolar Holding 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 Hawaiian Electric with a short position of JinkoSolar Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawaiian Electric and JinkoSolar Holding.
Diversification Opportunities for Hawaiian Electric and JinkoSolar Holding
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hawaiian and JinkoSolar is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Electric Industries and JinkoSolar Holding Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JinkoSolar Holding and Hawaiian Electric 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 Hawaiian Electric Industries are associated (or correlated) with JinkoSolar Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JinkoSolar Holding has no effect on the direction of Hawaiian Electric i.e., Hawaiian Electric and JinkoSolar Holding go up and down completely randomly.
Pair Corralation between Hawaiian Electric and JinkoSolar Holding
Allowing for the 90-day total investment horizon Hawaiian Electric Industries is expected to generate 0.97 times more return on investment than JinkoSolar Holding. However, Hawaiian Electric Industries is 1.03 times less risky than JinkoSolar Holding. It trades about 0.01 of its potential returns per unit of risk. JinkoSolar Holding Co is currently generating about 0.0 per unit of risk. If you would invest 1,365 in Hawaiian Electric Industries on December 11, 2024 and sell it today you would lose (240.00) from holding Hawaiian Electric Industries or give up 17.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.03% |
| Values | Daily Returns |
Hawaiian Electric Industries vs. JinkoSolar Holding Co
Performance |
| Timeline |
| Hawaiian Electric |
| JinkoSolar Holding |
Hawaiian Electric and JinkoSolar Holding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hawaiian Electric and JinkoSolar Holding
The main advantage of trading using opposite Hawaiian Electric and JinkoSolar Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawaiian Electric position performs unexpectedly, JinkoSolar Holding 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 JinkoSolar Holding will offset losses from the drop in JinkoSolar Holding's long position.| Hawaiian Electric vs. DTE Energy | ||
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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