Correlation Between China Minmetals and Shuhua Sports
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Minmetals Rare and Shuhua Sports Co, you can compare the effects of market volatilities on China Minmetals and Shuhua Sports 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 China Minmetals with a short position of Shuhua Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Minmetals and Shuhua Sports.
Diversification Opportunities for China Minmetals and Shuhua Sports
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Shuhua is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding China Minmetals Rare and Shuhua Sports Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shuhua Sports and China Minmetals 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 China Minmetals Rare are associated (or correlated) with Shuhua Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shuhua Sports has no effect on the direction of China Minmetals i.e., China Minmetals and Shuhua Sports go up and down completely randomly.
Pair Corralation between China Minmetals and Shuhua Sports
Assuming the 90 days trading horizon China Minmetals Rare is expected to under-perform the Shuhua Sports. But the stock apears to be less risky and, when comparing its historical volatility, China Minmetals Rare is 2.03 times less risky than Shuhua Sports. The stock trades about -0.16 of its potential returns per unit of risk. The Shuhua Sports Co is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 859.00 in Shuhua Sports Co on October 30, 2024 and sell it today you would lose (44.00) from holding Shuhua Sports Co or give up 5.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Minmetals Rare vs. Shuhua Sports Co
Performance |
| Timeline |
| China Minmetals Rare |
| Shuhua Sports |
China Minmetals and Shuhua Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Minmetals and Shuhua Sports
The main advantage of trading using opposite China Minmetals and Shuhua Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Minmetals position performs unexpectedly, Shuhua Sports 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 Shuhua Sports will offset losses from the drop in Shuhua Sports' long position.| China Minmetals vs. Zijin Mining Group | China Minmetals vs. Wanhua Chemical Group | China Minmetals vs. Baoshan Iron Steel | China Minmetals vs. Shandong Gold Mining |
| Shuhua Sports vs. Cabio Biotech Wuhan | Shuhua Sports vs. Beijing YanDong MicroElectronic | Shuhua Sports vs. Techshine Electronics Co | Shuhua Sports vs. Nantong Haixing Electronics |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |