Correlation Between Jointo Energy and Guangzhou Boji
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jointo Energy Investment and Guangzhou Boji Medical, you can compare the effects of market volatilities on Jointo Energy and Guangzhou Boji 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 Jointo Energy with a short position of Guangzhou Boji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Guangzhou Boji.
Diversification Opportunities for Jointo Energy and Guangzhou Boji
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jointo and Guangzhou is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Guangzhou Boji Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Boji Medical and Jointo Energy 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 Jointo Energy Investment are associated (or correlated) with Guangzhou Boji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Boji Medical has no effect on the direction of Jointo Energy i.e., Jointo Energy and Guangzhou Boji go up and down completely randomly.
Pair Corralation between Jointo Energy and Guangzhou Boji
Assuming the 90 days trading horizon Jointo Energy is expected to generate 1.47 times less return on investment than Guangzhou Boji. But when comparing it to its historical volatility, Jointo Energy Investment is 1.55 times less risky than Guangzhou Boji. It trades about 0.17 of its potential returns per unit of risk. Guangzhou Boji Medical is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 736.00 in Guangzhou Boji Medical on September 12, 2024 and sell it today you would earn a total of 280.00 from holding Guangzhou Boji Medical or generate 38.04% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Jointo Energy Investment vs. Guangzhou Boji Medical
Performance |
Timeline |
Jointo Energy Investment |
Guangzhou Boji Medical |
Jointo Energy and Guangzhou Boji Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jointo Energy and Guangzhou Boji
The main advantage of trading using opposite Jointo Energy and Guangzhou Boji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Guangzhou Boji 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 Guangzhou Boji will offset losses from the drop in Guangzhou Boji's long position.Jointo Energy vs. Tieling Newcity Investment | Jointo Energy vs. Zhongrun Resources Investment | Jointo Energy vs. Zhejiang Kingland Pipeline | Jointo Energy vs. Dymatic Chemicals |
Guangzhou Boji vs. Cultural Investment Holdings | Guangzhou Boji vs. Gome Telecom Equipment | Guangzhou Boji vs. Holitech Technology Co | Guangzhou Boji vs. Zotye Automobile 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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
Money Managers Screen money managers from public funds and ETFs managed around the world |