Correlation Between Chenzhou Jingui and Jiangxi Naipu
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By analyzing existing cross correlation between Chenzhou Jingui Silver and Jiangxi Naipu Mining, you can compare the effects of market volatilities on Chenzhou Jingui and Jiangxi Naipu 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 Chenzhou Jingui with a short position of Jiangxi Naipu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chenzhou Jingui and Jiangxi Naipu.
Diversification Opportunities for Chenzhou Jingui and Jiangxi Naipu
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Chenzhou and Jiangxi is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Chenzhou Jingui Silver and Jiangxi Naipu Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Naipu Mining and Chenzhou Jingui 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 Chenzhou Jingui Silver are associated (or correlated) with Jiangxi Naipu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Naipu Mining has no effect on the direction of Chenzhou Jingui i.e., Chenzhou Jingui and Jiangxi Naipu go up and down completely randomly.
Pair Corralation between Chenzhou Jingui and Jiangxi Naipu
Assuming the 90 days trading horizon Chenzhou Jingui Silver is expected to generate 0.94 times more return on investment than Jiangxi Naipu. However, Chenzhou Jingui Silver is 1.07 times less risky than Jiangxi Naipu. It trades about 0.22 of its potential returns per unit of risk. Jiangxi Naipu Mining is currently generating about 0.15 per unit of risk. If you would invest 274.00 in Chenzhou Jingui Silver on September 12, 2024 and sell it today you would earn a total of 128.00 from holding Chenzhou Jingui Silver or generate 46.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chenzhou Jingui Silver vs. Jiangxi Naipu Mining
Performance |
| Timeline |
| Chenzhou Jingui Silver |
| Jiangxi Naipu Mining |
Chenzhou Jingui and Jiangxi Naipu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chenzhou Jingui and Jiangxi Naipu
The main advantage of trading using opposite Chenzhou Jingui and Jiangxi Naipu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chenzhou Jingui position performs unexpectedly, Jiangxi Naipu 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 Jiangxi Naipu will offset losses from the drop in Jiangxi Naipu's long position.| Chenzhou Jingui vs. Zijin Mining Group | Chenzhou Jingui vs. Wanhua Chemical Group | Chenzhou Jingui vs. Baoshan Iron Steel | Chenzhou Jingui vs. Shandong Gold Mining |
| Jiangxi Naipu vs. Tonghua Grape Wine | Jiangxi Naipu vs. Hang Xiao Steel | Jiangxi Naipu vs. Beijing SPC Environment | Jiangxi Naipu vs. Panda Financial Holding |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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