Correlation Between Sino Platinum and Jahen Household
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sino Platinum Metals Co and Jahen Household Products, you can compare the effects of market volatilities on Sino Platinum and Jahen Household 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 Sino Platinum with a short position of Jahen Household. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sino Platinum and Jahen Household.
Diversification Opportunities for Sino Platinum and Jahen Household
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sino and Jahen is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Sino Platinum Metals Co and Jahen Household Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jahen Household Products and Sino Platinum 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 Sino Platinum Metals Co are associated (or correlated) with Jahen Household. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jahen Household Products has no effect on the direction of Sino Platinum i.e., Sino Platinum and Jahen Household go up and down completely randomly.
Pair Corralation between Sino Platinum and Jahen Household
Assuming the 90 days trading horizon Sino Platinum Metals Co is expected to generate 0.59 times more return on investment than Jahen Household. However, Sino Platinum Metals Co is 1.68 times less risky than Jahen Household. It trades about 0.01 of its potential returns per unit of risk. Jahen Household Products is currently generating about -0.02 per unit of risk. If you would invest 1,418 in Sino Platinum Metals Co on September 4, 2024 and sell it today you would earn a total of 1.00 from holding Sino Platinum Metals Co or generate 0.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sino Platinum Metals Co vs. Jahen Household Products
Performance |
| Timeline |
| Sino Platinum Metals |
| Jahen Household Products |
Sino Platinum and Jahen Household Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sino Platinum and Jahen Household
The main advantage of trading using opposite Sino Platinum and Jahen Household positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sino Platinum position performs unexpectedly, Jahen Household 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 Jahen Household will offset losses from the drop in Jahen Household's long position.| Sino Platinum vs. Zijin Mining Group | Sino Platinum vs. Wanhua Chemical Group | Sino Platinum vs. Baoshan Iron Steel | Sino Platinum vs. Rongsheng Petrochemical Co |
| Jahen Household vs. ChengDu Hi Tech Development | Jahen Household vs. Wuhan Yangtze Communication | Jahen Household vs. Sunny Loan Top | Jahen Household vs. Xinjiang Baodi 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| 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 | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |