Correlation Between Jiangxi Ganfeng and Chengtun Mining
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By analyzing existing cross correlation between Jiangxi Ganfeng Lithium and Chengtun Mining Group, you can compare the effects of market volatilities on Jiangxi Ganfeng and Chengtun 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 Jiangxi Ganfeng with a short position of Chengtun Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Ganfeng and Chengtun Mining.
Diversification Opportunities for Jiangxi Ganfeng and Chengtun Mining
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangxi and Chengtun is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Ganfeng Lithium and Chengtun Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengtun Mining Group and Jiangxi Ganfeng 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 Jiangxi Ganfeng Lithium are associated (or correlated) with Chengtun Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengtun Mining Group has no effect on the direction of Jiangxi Ganfeng i.e., Jiangxi Ganfeng and Chengtun Mining go up and down completely randomly.
Pair Corralation between Jiangxi Ganfeng and Chengtun Mining
Assuming the 90 days trading horizon Jiangxi Ganfeng Lithium is expected to under-perform the Chengtun Mining. In addition to that, Jiangxi Ganfeng is 1.11 times more volatile than Chengtun Mining Group. It trades about -0.04 of its total potential returns per unit of risk. Chengtun Mining Group is currently generating about -0.01 per unit of volatility. If you would invest 628.00 in Chengtun Mining Group on August 29, 2024 and sell it today you would lose (154.00) from holding Chengtun Mining Group or give up 24.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Ganfeng Lithium vs. Chengtun Mining Group
Performance |
| Timeline |
| Jiangxi Ganfeng Lithium |
| Chengtun Mining Group |
Jiangxi Ganfeng and Chengtun Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Ganfeng and Chengtun Mining
The main advantage of trading using opposite Jiangxi Ganfeng and Chengtun Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Ganfeng position performs unexpectedly, Chengtun 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 Chengtun Mining will offset losses from the drop in Chengtun Mining's long position.| Jiangxi Ganfeng vs. Heilongjiang Publishing Media | Jiangxi Ganfeng vs. Northking Information Technology | Jiangxi Ganfeng vs. Shenzhen SDG Information | Jiangxi Ganfeng vs. Jiangsu Phoenix Publishing |
| Chengtun Mining vs. Zijin Mining Group | Chengtun Mining vs. Wanhua Chemical Group | Chengtun Mining vs. Baoshan Iron Steel | Chengtun Mining vs. Shandong Gold Mining |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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