Correlation Between Uroica Mining and Ningbo Jintian
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By analyzing existing cross correlation between Uroica Mining Safety and Ningbo Jintian Copper, you can compare the effects of market volatilities on Uroica Mining and Ningbo Jintian 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 Uroica Mining with a short position of Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Uroica Mining and Ningbo Jintian.
Diversification Opportunities for Uroica Mining and Ningbo Jintian
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Uroica and Ningbo is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Uroica Mining Safety and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper and Uroica Mining 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 Uroica Mining Safety are associated (or correlated) with Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of Uroica Mining i.e., Uroica Mining and Ningbo Jintian go up and down completely randomly.
Pair Corralation between Uroica Mining and Ningbo Jintian
Assuming the 90 days trading horizon Uroica Mining Safety is expected to generate 1.59 times more return on investment than Ningbo Jintian. However, Uroica Mining is 1.59 times more volatile than Ningbo Jintian Copper. It trades about 0.01 of its potential returns per unit of risk. Ningbo Jintian Copper is currently generating about -0.01 per unit of risk. If you would invest 650.00 in Uroica Mining Safety on October 25, 2024 and sell it today you would lose (46.00) from holding Uroica Mining Safety or give up 7.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Uroica Mining Safety vs. Ningbo Jintian Copper
Performance |
| Timeline |
| Uroica Mining Safety |
| Ningbo Jintian Copper |
Uroica Mining and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Uroica Mining and Ningbo Jintian
The main advantage of trading using opposite Uroica Mining and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Uroica Mining position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian's long position.| Uroica Mining vs. Heilongjiang Publishing Media | Uroica Mining vs. Beijing Kaiwen Education | Uroica Mining vs. Bohai Leasing Co | Uroica Mining vs. Zhejiang Publishing Media |
| Ningbo Jintian vs. China Minmetals Rare | Ningbo Jintian vs. Thinkon Semiconductor Jinzhou | Ningbo Jintian vs. Rising Nonferrous Metals | Ningbo Jintian vs. Sichuan Yahua Industrial |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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