Correlation Between Shenyang Huitian and Shengda Mining
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By analyzing existing cross correlation between Shenyang Huitian Thermal and Shengda Mining Co, you can compare the effects of market volatilities on Shenyang Huitian and Shengda 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 Shenyang Huitian with a short position of Shengda Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Huitian and Shengda Mining.
Diversification Opportunities for Shenyang Huitian and Shengda Mining
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Shenyang and Shengda is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Huitian Thermal and Shengda Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shengda Mining and Shenyang Huitian 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 Shenyang Huitian Thermal are associated (or correlated) with Shengda Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shengda Mining has no effect on the direction of Shenyang Huitian i.e., Shenyang Huitian and Shengda Mining go up and down completely randomly.
Pair Corralation between Shenyang Huitian and Shengda Mining
Assuming the 90 days trading horizon Shenyang Huitian Thermal is expected to under-perform the Shengda Mining. In addition to that, Shenyang Huitian is 1.04 times more volatile than Shengda Mining Co. It trades about -0.09 of its total potential returns per unit of risk. Shengda Mining Co is currently generating about 0.23 per unit of volatility. If you would invest 1,244 in Shengda Mining Co on October 25, 2024 and sell it today you would earn a total of 128.00 from holding Shengda Mining Co or generate 10.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenyang Huitian Thermal vs. Shengda Mining Co
Performance |
| Timeline |
| Shenyang Huitian Thermal |
| Shengda Mining |
Shenyang Huitian and Shengda Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenyang Huitian and Shengda Mining
The main advantage of trading using opposite Shenyang Huitian and Shengda Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Huitian position performs unexpectedly, Shengda 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 Shengda Mining will offset losses from the drop in Shengda Mining's long position.| Shenyang Huitian vs. Gansu Jiu Steel | Shenyang Huitian vs. Ming Yang Smart | Shenyang Huitian vs. Aba Chemicals Corp | Shenyang Huitian vs. Loctek Ergonomic Technology |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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