Correlation Between Pengxin International and Jiangxi Selon
Specify exactly 2 symbols:
By analyzing existing cross correlation between Pengxin International Mining and Jiangxi Selon Industrial, you can compare the effects of market volatilities on Pengxin International and Jiangxi Selon 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 Jiangxi Selon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Jiangxi Selon.
Diversification Opportunities for Pengxin International and Jiangxi Selon
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Pengxin and Jiangxi is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and Jiangxi Selon Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Selon Industrial 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 Jiangxi Selon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Selon Industrial has no effect on the direction of Pengxin International i.e., Pengxin International and Jiangxi Selon go up and down completely randomly.
Pair Corralation between Pengxin International and Jiangxi Selon
Assuming the 90 days trading horizon Pengxin International Mining is expected to generate 1.67 times more return on investment than Jiangxi Selon. However, Pengxin International is 1.67 times more volatile than Jiangxi Selon Industrial. It trades about 0.33 of its potential returns per unit of risk. Jiangxi Selon Industrial is currently generating about 0.19 per unit of risk. If you would invest 379.00 in Pengxin International Mining on January 23, 2025 and sell it today you would earn a total of 129.00 from holding Pengxin International Mining or generate 34.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pengxin International Mining vs. Jiangxi Selon Industrial
Performance |
| Timeline |
| Pengxin International |
| Jiangxi Selon Industrial |
Pengxin International and Jiangxi Selon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and Jiangxi Selon
The main advantage of trading using opposite Pengxin International and Jiangxi Selon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, Jiangxi Selon 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 Jiangxi Selon will offset losses from the drop in Jiangxi Selon's long position.| Pengxin International vs. Tianshui Huatian Technology | Pengxin International vs. Western Superconducting Tech | Pengxin International vs. Zijin Mining Group | Pengxin International vs. Shengda Mining Co |
| Jiangxi Selon vs. Ningxia Younglight Chemicals | Jiangxi Selon vs. Shandong Polymer Biochemicals | Jiangxi Selon vs. Guocheng Mining Co | Jiangxi Selon vs. Chenzhou Jingui Silver |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |