Correlation Between CJ Energy and Yuma Energy
Can any of the company-specific risk be diversified away by investing in both CJ Energy and Yuma Energy 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 CJ Energy and Yuma Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CJ Energy Services and Yuma Energy, you can compare the effects of market volatilities on CJ Energy and Yuma 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 CJ Energy with a short position of Yuma Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of CJ Energy and Yuma Energy.
Diversification Opportunities for CJ Energy and Yuma Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CJ Energy and Yuma is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CJ Energy Services and Yuma Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yuma Energy and CJ 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 CJ Energy Services are associated (or correlated) with Yuma Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yuma Energy has no effect on the direction of CJ Energy i.e., CJ Energy and Yuma Energy go up and down completely randomly.
Pair Corralation between CJ Energy and Yuma Energy
If you would invest (100.00) in Yuma Energy on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Yuma Energy or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CJ Energy Services vs. Yuma Energy
Performance |
| Timeline |
| CJ Energy Services |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Yuma Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
CJ Energy and Yuma Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CJ Energy and Yuma Energy
The main advantage of trading using opposite CJ Energy and Yuma Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CJ Energy position performs unexpectedly, Yuma 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 Yuma Energy will offset losses from the drop in Yuma Energy's long position.| CJ Energy vs. Kontoor Brands | CJ Energy vs. Titan Petrochemicals Group | CJ Energy vs. Boot Barn Holdings | CJ Energy vs. Mills Music Trust |
| Yuma Energy vs. Paysafe | Yuma Energy vs. Simon Property Group | Yuma Energy vs. Molecular Partners AG | Yuma Energy vs. CDW Corp |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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