Correlation Between Pengxin International and Asia Potash
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By analyzing existing cross correlation between Pengxin International Mining and Asia Potash International, you can compare the effects of market volatilities on Pengxin International and Asia Potash 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 Pengxin International with a short position of Asia Potash. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Asia Potash.
Diversification Opportunities for Pengxin International and Asia Potash
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Pengxin and Asia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and Asia Potash International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asia Potash International and Pengxin International 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 Pengxin International Mining are associated (or correlated) with Asia Potash. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asia Potash International has no effect on the direction of Pengxin International i.e., Pengxin International and Asia Potash go up and down completely randomly.
Pair Corralation between Pengxin International and Asia Potash
If you would invest 375.00 in Pengxin International Mining on September 12, 2024 and sell it today you would lose (38.00) from holding Pengxin International Mining or give up 10.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.3% |
| Values | Daily Returns |
Pengxin International Mining vs. Asia Potash International
Performance |
| Timeline |
| Pengxin International |
| Asia Potash International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Pengxin International and Asia Potash Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and Asia Potash
The main advantage of trading using opposite Pengxin International and Asia Potash positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, Asia Potash 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 Asia Potash will offset losses from the drop in Asia Potash's long position.| Pengxin International vs. Zijin Mining Group | Pengxin International vs. Wanhua Chemical Group | Pengxin International vs. Baoshan Iron Steel | Pengxin International vs. Rongsheng Petrochemical Co |
| Asia Potash vs. Emdoor Information Co | Asia Potash vs. Sunwave Communications Co | Asia Potash vs. State Grid InformationCommunication | Asia Potash vs. Jilin Jlu Communication |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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