Correlation Between Integrated Electronic and Jinhui Mining
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By analyzing existing cross correlation between Integrated Electronic Systems and Jinhui Mining Co, you can compare the effects of market volatilities on Integrated Electronic 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 Integrated Electronic with a short position of Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integrated Electronic and Jinhui Mining.
Diversification Opportunities for Integrated Electronic and Jinhui Mining
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Integrated and Jinhui is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Integrated Electronic Systems and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining and Integrated Electronic 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 Integrated Electronic Systems 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 Integrated Electronic i.e., Integrated Electronic and Jinhui Mining go up and down completely randomly.
Pair Corralation between Integrated Electronic and Jinhui Mining
Assuming the 90 days trading horizon Integrated Electronic Systems is expected to under-perform the Jinhui Mining. In addition to that, Integrated Electronic is 2.1 times more volatile than Jinhui Mining Co. It trades about -0.14 of its total potential returns per unit of risk. Jinhui Mining Co is currently generating about -0.06 per unit of volatility. If you would invest 1,160 in Jinhui Mining Co on October 28, 2024 and sell it today you would lose (21.00) from holding Jinhui Mining Co or give up 1.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integrated Electronic Systems vs. Jinhui Mining Co
Performance |
| Timeline |
| Integrated Electronic |
| Jinhui Mining |
Integrated Electronic and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integrated Electronic and Jinhui Mining
The main advantage of trading using opposite Integrated Electronic and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integrated Electronic 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.| Integrated Electronic vs. Dezhan HealthCare Co | Integrated Electronic vs. Hangzhou Guotai Environmental | Integrated Electronic vs. Anhui Fuhuang Steel | Integrated Electronic vs. De Rucci Healthy |
| Jinhui Mining vs. North Copper Shanxi | Jinhui Mining vs. Shandong Rike Chemical | Jinhui Mining vs. Ningbo Jintian Copper | Jinhui Mining vs. Rising Nonferrous Metals |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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