Correlation Between Hopewell Holdings and Jones Energy
Can any of the company-specific risk be diversified away by investing in both Hopewell Holdings and Jones 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 Hopewell Holdings and Jones Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hopewell Holdings Limited and Jones Energy, you can compare the effects of market volatilities on Hopewell Holdings and Jones 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 Hopewell Holdings with a short position of Jones Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hopewell Holdings and Jones Energy.
Diversification Opportunities for Hopewell Holdings and Jones Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hopewell and Jones is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hopewell Holdings Limited and Jones Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jones Energy and Hopewell Holdings 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 Hopewell Holdings Limited are associated (or correlated) with Jones Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jones Energy has no effect on the direction of Hopewell Holdings i.e., Hopewell Holdings and Jones Energy go up and down completely randomly.
Pair Corralation between Hopewell Holdings and Jones Energy
If you would invest (100.00) in Jones Energy on January 25, 2024 and sell it today you would earn a total of 100.00 from holding Jones 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 |
Hopewell Holdings Limited vs. Jones Energy
Performance |
Timeline |
Hopewell Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Jones Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hopewell Holdings and Jones Energy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hopewell Holdings and Jones Energy
The main advantage of trading using opposite Hopewell Holdings and Jones Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hopewell Holdings position performs unexpectedly, Jones 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 Jones Energy will offset losses from the drop in Jones Energy's long position.Hopewell Holdings vs. Eastman Chemical | Hopewell Holdings vs. Barrick Gold Corp | Hopewell Holdings vs. Sensient Technologies | Hopewell Holdings vs. Flexible Solutions International |
Jones Energy vs. Nok Airlines Public | Jones Energy vs. Allegiant Travel | Jones Energy vs. Air Transport Services | Jones Energy vs. Delta Air Lines |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
Bonds Directory Find actively traded corporate debentures issued by US companies | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Commodity Directory Find actively traded commodities issued by global exchanges | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
FinTech Suite Use AI to screen and filter profitable investment opportunities | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |