Correlation Between Sihui Fuji and Jinhui Mining
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By analyzing existing cross correlation between Sihui Fuji Electronics and Jinhui Mining Co, you can compare the effects of market volatilities on Sihui Fuji 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 Sihui Fuji with a short position of Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sihui Fuji and Jinhui Mining.
Diversification Opportunities for Sihui Fuji and Jinhui Mining
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sihui and Jinhui is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Sihui Fuji Electronics and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining and Sihui Fuji 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 Sihui Fuji Electronics 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 Sihui Fuji i.e., Sihui Fuji and Jinhui Mining go up and down completely randomly.
Pair Corralation between Sihui Fuji and Jinhui Mining
Assuming the 90 days trading horizon Sihui Fuji Electronics is expected to generate 3.01 times more return on investment than Jinhui Mining. However, Sihui Fuji is 3.01 times more volatile than Jinhui Mining Co. It trades about 0.09 of its potential returns per unit of risk. Jinhui Mining Co is currently generating about -0.06 per unit of risk. If you would invest 2,897 in Sihui Fuji Electronics on October 28, 2024 and sell it today you would earn a total of 173.00 from holding Sihui Fuji Electronics or generate 5.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sihui Fuji Electronics vs. Jinhui Mining Co
Performance |
| Timeline |
| Sihui Fuji Electronics |
| Jinhui Mining |
Sihui Fuji and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sihui Fuji and Jinhui Mining
The main advantage of trading using opposite Sihui Fuji and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sihui Fuji 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.| Sihui Fuji vs. Hangzhou Gisway Information | Sihui Fuji vs. Hubei Geoway Investment | Sihui Fuji vs. Guangzhou Ruoyuchen Information | Sihui Fuji vs. Xiamen Insight Investment |
| Jinhui Mining vs. Zijin Mining Group | Jinhui Mining vs. Wanhua Chemical Group | Jinhui Mining vs. Baoshan Iron Steel | Jinhui 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 Stocks Directory module to find actively traded stocks across global markets.
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