Correlation Between Shengda Mining and Anhui Huilong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shengda Mining Co and Anhui Huilong Agricultural, you can compare the effects of market volatilities on Shengda Mining and Anhui Huilong 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 Shengda Mining with a short position of Anhui Huilong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shengda Mining and Anhui Huilong.
Diversification Opportunities for Shengda Mining and Anhui Huilong
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shengda and Anhui is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Shengda Mining Co and Anhui Huilong Agricultural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huilong Agricu and Shengda Mining 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 Shengda Mining Co are associated (or correlated) with Anhui Huilong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huilong Agricu has no effect on the direction of Shengda Mining i.e., Shengda Mining and Anhui Huilong go up and down completely randomly.
Pair Corralation between Shengda Mining and Anhui Huilong
Assuming the 90 days trading horizon Shengda Mining Co is expected to generate 0.89 times more return on investment than Anhui Huilong. However, Shengda Mining Co is 1.12 times less risky than Anhui Huilong. It trades about -0.21 of its potential returns per unit of risk. Anhui Huilong Agricultural is currently generating about -0.42 per unit of risk. If you would invest 1,327 in Shengda Mining Co on October 11, 2024 and sell it today you would lose (95.00) from holding Shengda Mining Co or give up 7.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shengda Mining Co vs. Anhui Huilong Agricultural
Performance |
| Timeline |
| Shengda Mining |
| Anhui Huilong Agricu |
Shengda Mining and Anhui Huilong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shengda Mining and Anhui Huilong
The main advantage of trading using opposite Shengda Mining and Anhui Huilong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shengda Mining position performs unexpectedly, Anhui Huilong 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 Anhui Huilong will offset losses from the drop in Anhui Huilong's long position.| Shengda Mining vs. Hongrun Construction Group | Shengda Mining vs. Chengdu Spaceon Electronics | Shengda Mining vs. Shaanxi Construction Machinery | Shengda Mining vs. Harvest Fund Management |
| Anhui Huilong vs. Ingenic Semiconductor | Anhui Huilong vs. Uroica Mining Safety | Anhui Huilong vs. Shengda Mining Co | Anhui Huilong vs. Thinkon Semiconductor Jinzhou |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |