Correlation Between Chengtun Mining and Markor International
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By analyzing existing cross correlation between Chengtun Mining Group and Markor International Home, you can compare the effects of market volatilities on Chengtun Mining and Markor International 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 Markor International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengtun Mining and Markor International.
Diversification Opportunities for Chengtun Mining and Markor International
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Chengtun and Markor is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Chengtun Mining Group and Markor International Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Markor International Home 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 Markor International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Markor International Home has no effect on the direction of Chengtun Mining i.e., Chengtun Mining and Markor International go up and down completely randomly.
Pair Corralation between Chengtun Mining and Markor International
Assuming the 90 days trading horizon Chengtun Mining Group is expected to generate 0.77 times more return on investment than Markor International. However, Chengtun Mining Group is 1.31 times less risky than Markor International. It trades about 0.18 of its potential returns per unit of risk. Markor International Home is currently generating about -0.21 per unit of risk. If you would invest 466.00 in Chengtun Mining Group on October 26, 2024 and sell it today you would earn a total of 38.00 from holding Chengtun Mining Group or generate 8.15% 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. Markor International Home
Performance |
| Timeline |
| Chengtun Mining Group |
| Markor International Home |
Chengtun Mining and Markor International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengtun Mining and Markor International
The main advantage of trading using opposite Chengtun Mining and Markor International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengtun Mining position performs unexpectedly, Markor International 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 Markor International will offset losses from the drop in Markor International's long position.| Chengtun Mining vs. Zijin Mining Group | Chengtun Mining vs. Wanhua Chemical Group | Chengtun Mining vs. Baoshan Iron Steel | Chengtun Mining vs. Shandong Gold Mining |
| Markor International vs. Jointo Energy Investment | Markor International vs. Vanfund Urban Investment | Markor International vs. Luyin Investment Group | Markor International vs. Guangdong Silvere Sci |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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