Correlation Between Haima Automobile and Jinhui Mining
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By analyzing existing cross correlation between Haima Automobile Group and Jinhui Mining Co, you can compare the effects of market volatilities on Haima Automobile and Jinhui Mining 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 Haima Automobile with a short position of Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and Jinhui Mining.
Diversification Opportunities for Haima Automobile and Jinhui Mining
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Haima and Jinhui is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining and Haima Automobile 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 Haima Automobile Group are associated (or correlated) with Jinhui Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhui Mining has no effect on the direction of Haima Automobile i.e., Haima Automobile and Jinhui Mining go up and down completely randomly.
Pair Corralation between Haima Automobile and Jinhui Mining
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 1.61 times more return on investment than Jinhui Mining. However, Haima Automobile is 1.61 times more volatile than Jinhui Mining Co. It trades about 0.0 of its potential returns per unit of risk. Jinhui Mining Co is currently generating about 0.0 per unit of risk. If you would invest 493.00 in Haima Automobile Group on October 11, 2024 and sell it today you would lose (94.00) from holding Haima Automobile Group or give up 19.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haima Automobile Group vs. Jinhui Mining Co
Performance |
| Timeline |
| Haima Automobile |
| Jinhui Mining |
Haima Automobile and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and Jinhui Mining
The main advantage of trading using opposite Haima Automobile and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, Jinhui Mining 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 Jinhui Mining will offset losses from the drop in Jinhui Mining's long position.| Haima Automobile vs. Suzhou Xingye Material | Haima Automobile vs. Fuda Alloy Materials | Haima Automobile vs. Jiangsu Yanghe Brewery | Haima Automobile vs. Guangdong Qunxing Toys |
| Jinhui Mining vs. Sichuan Fulin Transportation | Jinhui Mining vs. Haima Automobile Group | Jinhui Mining vs. Fujian Longzhou Transportation | Jinhui Mining vs. Wuhan Yangtze Communication |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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