Correlation Between Chengtun Mining and China Minsheng
Specify exactly 2 symbols:
By analyzing existing cross correlation between Chengtun Mining Group and China Minsheng Banking, you can compare the effects of market volatilities on Chengtun Mining and China Minsheng 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 Chengtun Mining with a short position of China Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and China Minsheng.
Diversification Opportunities for Chengtun Mining and China Minsheng
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Chengtun and China is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and China Minsheng Banking in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Minsheng Banking and Chengtun Mining 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 Chengtun Mining Group are associated (or correlated) with China Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Minsheng Banking has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and China Minsheng go up and down completely randomly.
Pair Corralation between Chengtun Mining and China Minsheng
Assuming the 90 days trading horizon Chengtun Mining Group is expected to generate 2.14 times more return on investment than China Minsheng. However, Chengtun Mining is 2.14 times more volatile than China Minsheng Banking. It trades about 0.06 of its potential returns per unit of risk. China Minsheng Banking is currently generating about 0.02 per unit of risk. If you would invest 372.00 in Chengtun Mining Group on November 5, 2024 and sell it today you would earn a total of 134.00 from holding Chengtun Mining Group or generate 36.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengtun Mining Group vs. China Minsheng Banking
Performance |
| Timeline |
| Chengtun Mining Group |
| China Minsheng Banking |
Chengtun Mining and China Minsheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and China Minsheng
The main advantage of trading using opposite Chengtun Mining and China Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, China Minsheng 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 China Minsheng will offset losses from the drop in China Minsheng's long position.| Chengtun Mining vs. Shuhua Sports Co | Chengtun Mining vs. 360 Security Technology | Chengtun Mining vs. Fiberhome Telecommunication Technologies | Chengtun Mining vs. Maxvision Technology Corp |
| China Minsheng vs. Xiangpiaopiao Food Co | China Minsheng vs. Namchow Food Group | China Minsheng vs. Yankershop Food Co | China Minsheng vs. Jiujiang Shanshui Technology |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |