Correlation Between Huaibei Mining and Dawning Information
Specify exactly 2 symbols:
By analyzing existing cross correlation between Huaibei Mining Holdings and Dawning Information Industry, you can compare the effects of market volatilities on Huaibei Mining and Dawning Information 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 Huaibei Mining with a short position of Dawning Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huaibei Mining and Dawning Information.
Diversification Opportunities for Huaibei Mining and Dawning Information
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Huaibei and Dawning is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Huaibei Mining Holdings and Dawning Information Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dawning Information and Huaibei 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 Huaibei Mining Holdings are associated (or correlated) with Dawning Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dawning Information has no effect on the direction of Huaibei Mining i.e., Huaibei Mining and Dawning Information go up and down completely randomly.
Pair Corralation between Huaibei Mining and Dawning Information
Assuming the 90 days trading horizon Huaibei Mining Holdings is expected to generate 0.55 times more return on investment than Dawning Information. However, Huaibei Mining Holdings is 1.83 times less risky than Dawning Information. It trades about 0.19 of its potential returns per unit of risk. Dawning Information Industry is currently generating about 0.1 per unit of risk. If you would invest 1,356 in Huaibei Mining Holdings on November 6, 2024 and sell it today you would earn a total of 59.00 from holding Huaibei Mining Holdings or generate 4.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huaibei Mining Holdings vs. Dawning Information Industry
Performance |
| Timeline |
| Huaibei Mining Holdings |
| Dawning Information |
Huaibei Mining and Dawning Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huaibei Mining and Dawning Information
The main advantage of trading using opposite Huaibei Mining and Dawning Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huaibei Mining position performs unexpectedly, Dawning Information 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 Dawning Information will offset losses from the drop in Dawning Information's long position.| Huaibei Mining vs. Jahen Household Products | Huaibei Mining vs. Ningxia Younglight Chemicals | Huaibei Mining vs. Hangzhou Gisway Information | Huaibei Mining vs. Digital China Information |
| Dawning Information vs. Beijing Bewinner Communications | Dawning Information vs. Ping An Insurance | Dawning Information vs. China Life Insurance | Dawning Information vs. ZYF Lopsking Aluminum |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |