Correlation Between Gree Real and Jinhui Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gree Real Estate and Jinhui Mining Co, you can compare the effects of market volatilities on Gree Real 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 Gree Real with a short position of Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gree Real and Jinhui Mining.
Diversification Opportunities for Gree Real and Jinhui Mining
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Gree and Jinhui is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Gree Real Estate and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining and Gree Real 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 Gree Real Estate 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 Gree Real i.e., Gree Real and Jinhui Mining go up and down completely randomly.
Pair Corralation between Gree Real and Jinhui Mining
Assuming the 90 days trading horizon Gree Real Estate is expected to generate 2.33 times more return on investment than Jinhui Mining. However, Gree Real is 2.33 times more volatile than Jinhui Mining Co. It trades about 0.2 of its potential returns per unit of risk. Jinhui Mining Co is currently generating about -0.09 per unit of risk. If you would invest 691.00 in Gree Real Estate on September 4, 2024 and sell it today you would earn a total of 127.00 from holding Gree Real Estate or generate 18.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gree Real Estate vs. Jinhui Mining Co
Performance |
| Timeline |
| Gree Real Estate |
| Jinhui Mining |
Gree Real and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gree Real and Jinhui Mining
The main advantage of trading using opposite Gree Real and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gree Real 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.| Gree Real vs. Jinhui Mining Co | Gree Real vs. Guangdong Jingyi Metal | Gree Real vs. Xinjiang Baodi Mining | Gree Real vs. Zhengzhou Coal Mining |
| 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |