Correlation Between Shandong Gold and Hunan Nanling
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Gold Mining and Hunan Nanling Industrial, you can compare the effects of market volatilities on Shandong Gold and Hunan Nanling 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 Shandong Gold with a short position of Hunan Nanling. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Gold and Hunan Nanling.
Diversification Opportunities for Shandong Gold and Hunan Nanling
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shandong and Hunan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Gold Mining and Hunan Nanling Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hunan Nanling Industrial and Shandong Gold 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 Shandong Gold Mining are associated (or correlated) with Hunan Nanling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hunan Nanling Industrial has no effect on the direction of Shandong Gold i.e., Shandong Gold and Hunan Nanling go up and down completely randomly.
Pair Corralation between Shandong Gold and Hunan Nanling
Assuming the 90 days trading horizon Shandong Gold Mining is expected to under-perform the Hunan Nanling. But the stock apears to be less risky and, when comparing its historical volatility, Shandong Gold Mining is 1.28 times less risky than Hunan Nanling. The stock trades about 0.0 of its potential returns per unit of risk. The Hunan Nanling Industrial is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,043 in Hunan Nanling Industrial on September 26, 2024 and sell it today you would earn a total of 252.00 from holding Hunan Nanling Industrial or generate 24.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Gold Mining vs. Hunan Nanling Industrial
Performance |
| Timeline |
| Shandong Gold Mining |
| Hunan Nanling Industrial |
Shandong Gold and Hunan Nanling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Gold and Hunan Nanling
The main advantage of trading using opposite Shandong Gold and Hunan Nanling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Gold position performs unexpectedly, Hunan Nanling 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 Hunan Nanling will offset losses from the drop in Hunan Nanling's long position.| Shandong Gold vs. Wanhua Chemical Group | Shandong Gold vs. Rongsheng Petrochemical Co | Shandong Gold vs. Inner Mongolia BaoTou | Shandong Gold vs. Jiangxi Ganfeng Lithium |
| Hunan Nanling vs. Zijin Mining Group | Hunan Nanling vs. Wanhua Chemical Group | Hunan Nanling vs. Baoshan Iron Steel | Hunan Nanling 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |