Correlation Between Guangdong Jingyi and Western Mining
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Western Mining Co, you can compare the effects of market volatilities on Guangdong Jingyi and Western 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 Guangdong Jingyi with a short position of Western Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Western Mining.
Diversification Opportunities for Guangdong Jingyi and Western Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Guangdong and Western is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Western Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Western Mining and Guangdong Jingyi 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 Guangdong Jingyi Metal are associated (or correlated) with Western Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Western Mining has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and Western Mining go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Western Mining
Assuming the 90 days trading horizon Guangdong Jingyi is expected to generate 5.08 times less return on investment than Western Mining. In addition to that, Guangdong Jingyi is 1.24 times more volatile than Western Mining Co. It trades about 0.01 of its total potential returns per unit of risk. Western Mining Co is currently generating about 0.06 per unit of volatility. If you would invest 1,009 in Western Mining Co on November 6, 2024 and sell it today you would earn a total of 734.00 from holding Western Mining Co or generate 72.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Western Mining Co
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Western Mining |
Guangdong Jingyi and Western Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Western Mining
The main advantage of trading using opposite Guangdong Jingyi and Western Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, Western 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 Western Mining will offset losses from the drop in Western Mining's long position.| Guangdong Jingyi vs. Quectel Wireless Solutions | Guangdong Jingyi vs. Wintao Communications Co | Guangdong Jingyi vs. China Sports Industry | Guangdong Jingyi vs. Eastern Communications Co |
| Western Mining vs. Semiconductor Manufacturing Intl | Western Mining vs. COL Digital Publishing | Western Mining vs. Jiangsu Phoenix Publishing | Western Mining vs. GRINM Semiconductor Materials |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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