Correlation Between Beijing Mainstreets and Minmetals Capital
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Mainstreets Investment and Minmetals Capital Co, you can compare the effects of market volatilities on Beijing Mainstreets and Minmetals Capital 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 Beijing Mainstreets with a short position of Minmetals Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Mainstreets and Minmetals Capital.
Diversification Opportunities for Beijing Mainstreets and Minmetals Capital
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Minmetals is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Mainstreets Investment and Minmetals Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Minmetals Capital and Beijing Mainstreets 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 Beijing Mainstreets Investment are associated (or correlated) with Minmetals Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Minmetals Capital has no effect on the direction of Beijing Mainstreets i.e., Beijing Mainstreets and Minmetals Capital go up and down completely randomly.
Pair Corralation between Beijing Mainstreets and Minmetals Capital
Assuming the 90 days trading horizon Beijing Mainstreets Investment is expected to generate 1.05 times more return on investment than Minmetals Capital. However, Beijing Mainstreets is 1.05 times more volatile than Minmetals Capital Co. It trades about 0.12 of its potential returns per unit of risk. Minmetals Capital Co is currently generating about -0.15 per unit of risk. If you would invest 233.00 in Beijing Mainstreets Investment on September 3, 2024 and sell it today you would earn a total of 19.00 from holding Beijing Mainstreets Investment or generate 8.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Mainstreets Investment vs. Minmetals Capital Co
Performance |
| Timeline |
| Beijing Mainstreets |
| Minmetals Capital |
Beijing Mainstreets and Minmetals Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Mainstreets and Minmetals Capital
The main advantage of trading using opposite Beijing Mainstreets and Minmetals Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Mainstreets position performs unexpectedly, Minmetals Capital 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 Minmetals Capital will offset losses from the drop in Minmetals Capital's long position.| Beijing Mainstreets vs. Jiangxi Selon Industrial | Beijing Mainstreets vs. Shandong Mining Machinery | Beijing Mainstreets vs. XinJiang GuoTong Pipeline | Beijing Mainstreets vs. Yoantion Industrial IncLtd |
| Minmetals Capital vs. Beijing Jiaman Dress | Minmetals Capital vs. Tianjin Capital Environmental | Minmetals Capital vs. Sinocat Environmental Technology | Minmetals Capital vs. Beijing Mainstreets Investment |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Money Managers Screen money managers from public funds and ETFs managed around the world |