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Correlation Between Facebook and Jianpu Technology

Analyzing existing cross correlation between Facebook and Jianpu Technology. You can compare the effects of market volatilities on Facebook and Jianpu Technology 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 Facebook with a short position of Jianpu Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Facebook and Jianpu Technology.

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Diversification Opportunities for Facebook and Jianpu Technology

Facebook Inc diversification synergy
-0.55
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Excellent diversification

The 3 months correlation between Facebook and Jianpu is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Facebook Inc and Jianpu Technology Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Jianpu Technology and Facebook 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 Facebook are associated (or correlated) with Jianpu Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jianpu Technology has no effect on the direction of Facebook i.e. Facebook and Jianpu Technology go up and down completely randomly.

Pair Corralation between Facebook and Jianpu Technology

Allowing for the 30-days total investment horizon, Facebook is expected to generate 0.3 times more return on investment than Jianpu Technology. However, Facebook is 3.38 times less risky than Jianpu Technology. It trades about 0.06 of its potential returns per unit of risk. Jianpu Technology is currently generating about -0.11 per unit of risk. If you would invest  19,979  in Facebook on January 23, 2020 and sell it today you would earn a total of  1,039  from holding Facebook or generate 5.2% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy98.39%
ValuesDaily Returns

Facebook Inc  vs.  Jianpu Technology Inc

 Performance (%) 
    
  Timeline 
Facebook 
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Facebook are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat strong basic indicators, Facebook is not utilizing all of its potentials. The ongoing stock price disturbance, may contribute to short term losses for the investors.
Jianpu Technology 
00

Risk-Adjusted Performance

Over the last 30 days Jianpu Technology has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's essential indicators remain comparatively unchanging which may send shares a bit higher in March 2020. The late uproar may also be a sign of mid-term up-swing for the firm leadership.

Facebook and Jianpu Technology Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.