Correlation Between HaiXin Foods and China Molybdenum
Specify exactly 2 symbols:
By analyzing existing cross correlation between HaiXin Foods Co and China Molybdenum Co, you can compare the effects of market volatilities on HaiXin Foods and China Molybdenum 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 HaiXin Foods with a short position of China Molybdenum. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and China Molybdenum.
Diversification Opportunities for HaiXin Foods and China Molybdenum
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between HaiXin and China is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and China Molybdenum Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Molybdenum and HaiXin Foods 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 HaiXin Foods Co are associated (or correlated) with China Molybdenum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Molybdenum has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and China Molybdenum go up and down completely randomly.
Pair Corralation between HaiXin Foods and China Molybdenum
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the China Molybdenum. In addition to that, HaiXin Foods is 1.12 times more volatile than China Molybdenum Co. It trades about -0.02 of its total potential returns per unit of risk. China Molybdenum Co is currently generating about 0.05 per unit of volatility. If you would invest 475.00 in China Molybdenum Co on August 26, 2024 and sell it today you would earn a total of 257.00 from holding China Molybdenum Co or generate 54.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. China Molybdenum Co
Performance |
| Timeline |
| HaiXin Foods |
| China Molybdenum |
HaiXin Foods and China Molybdenum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and China Molybdenum
The main advantage of trading using opposite HaiXin Foods and China Molybdenum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, China Molybdenum 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 China Molybdenum will offset losses from the drop in China Molybdenum's long position.| HaiXin Foods vs. China Petroleum Chemical | HaiXin Foods vs. PetroChina Co Ltd | HaiXin Foods vs. China State Construction | HaiXin Foods vs. China Railway Group |
| China Molybdenum vs. Telling Telecommunication Holding | China Molybdenum vs. Offcn Education Technology | China Molybdenum vs. Wuhan Yangtze Communication | China Molybdenum vs. Changjiang Publishing Media |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |