Correlation Between Jointo Energy and Bomesc Offshore
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By analyzing existing cross correlation between Jointo Energy Investment and Bomesc Offshore Engineering, you can compare the effects of market volatilities on Jointo Energy and Bomesc Offshore 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 Bomesc Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and Bomesc Offshore.
Diversification Opportunities for Jointo Energy and Bomesc Offshore
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jointo and Bomesc is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and Bomesc Offshore Engineering in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bomesc Offshore Engi 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 Bomesc Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bomesc Offshore Engi has no effect on the direction of Jointo Energy i.e., Jointo Energy and Bomesc Offshore go up and down completely randomly.
Pair Corralation between Jointo Energy and Bomesc Offshore
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 1.04 times more return on investment than Bomesc Offshore. However, Jointo Energy is 1.04 times more volatile than Bomesc Offshore Engineering. It trades about 0.01 of its potential returns per unit of risk. Bomesc Offshore Engineering is currently generating about 0.01 per unit of risk. If you would invest 521.00 in Jointo Energy Investment on October 7, 2024 and sell it today you would lose (7.00) from holding Jointo Energy Investment or give up 1.34% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Jointo Energy Investment vs. Bomesc Offshore Engineering
Performance |
Timeline |
Jointo Energy Investment |
Bomesc Offshore Engi |
Jointo Energy and Bomesc Offshore Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jointo Energy and Bomesc Offshore
The main advantage of trading using opposite Jointo Energy and Bomesc Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy position performs unexpectedly, Bomesc Offshore 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 Bomesc Offshore will offset losses from the drop in Bomesc Offshore's long position.Jointo Energy vs. Industrial and Commercial | Jointo Energy vs. Agricultural Bank of | Jointo Energy vs. China Construction Bank | Jointo Energy vs. Bank of China |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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