Correlation Between Chengtun Mining and Poly Real
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By analyzing existing cross correlation between Chengtun Mining Group and Poly Real Estate, you can compare the effects of market volatilities on Chengtun Mining and Poly Real 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 Poly Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Poly Real.
Diversification Opportunities for Chengtun Mining and Poly Real
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Chengtun and Poly is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Poly Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Poly Real Estate 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 Poly Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poly Real Estate has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and Poly Real go up and down completely randomly.
Pair Corralation between Chengtun Mining and Poly Real
Assuming the 90 days trading horizon Chengtun Mining Group is expected to generate 1.07 times more return on investment than Poly Real. However, Chengtun Mining is 1.07 times more volatile than Poly Real Estate. It trades about 0.0 of its potential returns per unit of risk. Poly Real Estate is currently generating about -0.02 per unit of risk. If you would invest 587.00 in Chengtun Mining Group on September 13, 2024 and sell it today you would lose (93.00) from holding Chengtun Mining Group or give up 15.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengtun Mining Group vs. Poly Real Estate
Performance |
| Timeline |
| Chengtun Mining Group |
| Poly Real Estate |
Chengtun Mining and Poly Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and Poly Real
The main advantage of trading using opposite Chengtun Mining and Poly Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, Poly Real 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 Poly Real will offset losses from the drop in Poly Real's long position.| Chengtun Mining vs. Bengang Steel Plates | Chengtun Mining vs. Shenzhen MYS Environmental | Chengtun Mining vs. Central Plains Environment | Chengtun Mining vs. Jiangsu Yanghe Brewery |
| Poly Real vs. Hefei Metalforming Mach | Poly Real vs. Chengtun Mining Group | Poly Real vs. Ningbo Thermal Power | Poly Real vs. MayAir Technology Co |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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