Correlation Between Fujian Oriental and Pengxin International
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By analyzing existing cross correlation between Fujian Oriental Silver and Pengxin International Mining, you can compare the effects of market volatilities on Fujian Oriental and Pengxin 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 Fujian Oriental with a short position of Pengxin International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Oriental and Pengxin International.
Diversification Opportunities for Fujian Oriental and Pengxin International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fujian and Pengxin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Oriental Silver and Pengxin International Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pengxin International and Fujian Oriental 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 Fujian Oriental Silver are associated (or correlated) with Pengxin International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pengxin International has no effect on the direction of Fujian Oriental i.e., Fujian Oriental and Pengxin International go up and down completely randomly.
Pair Corralation between Fujian Oriental and Pengxin International
Assuming the 90 days trading horizon Fujian Oriental is expected to generate 1.12 times less return on investment than Pengxin International. In addition to that, Fujian Oriental is 1.11 times more volatile than Pengxin International Mining. It trades about 0.08 of its total potential returns per unit of risk. Pengxin International Mining is currently generating about 0.1 per unit of volatility. If you would invest 226.00 in Pengxin International Mining on October 25, 2024 and sell it today you would earn a total of 96.00 from holding Pengxin International Mining or generate 42.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fujian Oriental Silver vs. Pengxin International Mining
Performance |
| Timeline |
| Fujian Oriental Silver |
| Pengxin International |
Fujian Oriental and Pengxin International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Oriental and Pengxin International
The main advantage of trading using opposite Fujian Oriental and Pengxin International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Oriental position performs unexpectedly, Pengxin 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 Pengxin International will offset losses from the drop in Pengxin International's long position.| Fujian Oriental vs. Gansu Jiu Steel | Fujian Oriental vs. Ming Yang Smart | Fujian Oriental vs. Aba Chemicals Corp | Fujian Oriental vs. Loctek Ergonomic Technology |
| Pengxin International vs. Zijin Mining Group | Pengxin International vs. Wanhua Chemical Group | Pengxin International vs. Baoshan Iron Steel | Pengxin International vs. Rongsheng Petrochemical 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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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