Correlation Between GRIPM Advanced and Jointo Energy
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By analyzing existing cross correlation between GRIPM Advanced Materials and Jointo Energy Investment, you can compare the effects of market volatilities on GRIPM Advanced 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 GRIPM Advanced with a short position of Jointo Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIPM Advanced and Jointo Energy.
Diversification Opportunities for GRIPM Advanced and Jointo Energy
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between GRIPM and Jointo is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding GRIPM Advanced Materials 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 GRIPM Advanced 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 GRIPM Advanced Materials 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 GRIPM Advanced i.e., GRIPM Advanced and Jointo Energy go up and down completely randomly.
Pair Corralation between GRIPM Advanced and Jointo Energy
Assuming the 90 days trading horizon GRIPM Advanced Materials is expected to generate 1.48 times more return on investment than Jointo Energy. However, GRIPM Advanced is 1.48 times more volatile than Jointo Energy Investment. It trades about 0.08 of its potential returns per unit of risk. Jointo Energy Investment is currently generating about -0.02 per unit of risk. If you would invest 2,673 in GRIPM Advanced Materials on September 25, 2024 and sell it today you would earn a total of 725.00 from holding GRIPM Advanced Materials or generate 27.12% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
GRIPM Advanced Materials vs. Jointo Energy Investment
Performance |
Timeline |
GRIPM Advanced Materials |
Jointo Energy Investment |
GRIPM Advanced and Jointo Energy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GRIPM Advanced and Jointo Energy
The main advantage of trading using opposite GRIPM Advanced and Jointo Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIPM Advanced 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.GRIPM Advanced vs. Zijin Mining Group | GRIPM Advanced vs. Wanhua Chemical Group | GRIPM Advanced vs. Baoshan Iron Steel | GRIPM Advanced vs. Shandong Gold Mining |
Jointo Energy vs. GRIPM Advanced Materials | Jointo Energy vs. Tsingtao Brewery Co | Jointo Energy vs. Guangzhou Zhujiang Brewery | Jointo Energy vs. Guangzhou Dongfang Hotel |
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 CEOs Directory module to screen CEOs from public companies around the world.
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