Correlation Between Jointo Energy and Guangdong Jinma
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By analyzing existing cross correlation between Jointo Energy Investment and Guangdong Jinma Entertainment, you can compare the effects of market volatilities on Jointo Energy and Guangdong Jinma 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 Guangdong Jinma. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Guangdong Jinma.
Diversification Opportunities for Jointo Energy and Guangdong Jinma
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jointo and Guangdong is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Guangdong Jinma Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jinma Ente 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 Guangdong Jinma. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jinma Ente has no effect on the direction of Jointo Energy i.e., Jointo Energy and Guangdong Jinma go up and down completely randomly.
Pair Corralation between Jointo Energy and Guangdong Jinma
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 1.35 times more return on investment than Guangdong Jinma. However, Jointo Energy is 1.35 times more volatile than Guangdong Jinma Entertainment. It trades about 0.3 of its potential returns per unit of risk. Guangdong Jinma Entertainment is currently generating about -0.12 per unit of risk. If you would invest 511.00 in Jointo Energy Investment on September 26, 2024 and sell it today you would earn a total of 108.00 from holding Jointo Energy Investment or generate 21.14% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Jointo Energy Investment vs. Guangdong Jinma Entertainment
Performance |
Timeline |
Jointo Energy Investment |
Guangdong Jinma Ente |
Jointo Energy and Guangdong Jinma Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jointo Energy and Guangdong Jinma
The main advantage of trading using opposite Jointo Energy and Guangdong Jinma positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Guangdong Jinma 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 Guangdong Jinma will offset losses from the drop in Guangdong Jinma's long position.Jointo Energy vs. Zhejiang Daily Media | Jointo Energy vs. Zhejiang JIULI Hi tech | Jointo Energy vs. Eastern Communications Co | Jointo Energy vs. Kuang Chi Technologies |
Guangdong Jinma vs. Peoples Insurance of | Guangdong Jinma vs. Olympic Circuit Technology | Guangdong Jinma vs. Dymatic Chemicals | Guangdong Jinma vs. Northking Information Technology |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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