Correlation Between Soyea Technology and Jinhui Mining
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By analyzing existing cross correlation between Soyea Technology Co and Jinhui Mining Co, you can compare the effects of market volatilities on Soyea Technology 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 Soyea Technology with a short position of Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Soyea Technology and Jinhui Mining.
Diversification Opportunities for Soyea Technology and Jinhui Mining
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Soyea and Jinhui is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Soyea Technology Co and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining and Soyea Technology 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 Soyea Technology Co 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 Soyea Technology i.e., Soyea Technology and Jinhui Mining go up and down completely randomly.
Pair Corralation between Soyea Technology and Jinhui Mining
Assuming the 90 days trading horizon Soyea Technology Co is expected to generate 1.07 times more return on investment than Jinhui Mining. However, Soyea Technology is 1.07 times more volatile than Jinhui Mining Co. It trades about 0.38 of its potential returns per unit of risk. Jinhui Mining Co is currently generating about 0.07 per unit of risk. If you would invest 352.00 in Soyea Technology Co on August 25, 2024 and sell it today you would earn a total of 189.00 from holding Soyea Technology Co or generate 53.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Soyea Technology Co vs. Jinhui Mining Co
Performance |
| Timeline |
| Soyea Technology |
| Jinhui Mining |
Soyea Technology and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Soyea Technology and Jinhui Mining
The main advantage of trading using opposite Soyea Technology and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Soyea Technology 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.| Soyea Technology vs. Linewell Software Co | Soyea Technology vs. Fujian Oriental Silver | Soyea Technology vs. Huaibei Mining Holdings | Soyea Technology vs. Dareway Software Co |
| Jinhui Mining vs. Changchun UP Optotech | Jinhui Mining vs. Cultural Investment Holdings | Jinhui Mining vs. Harbin Hatou Investment | Jinhui Mining vs. Kuangda Technology Group |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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