Correlation Between Xinjiang Baodi and Anhui Jinhe
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By analyzing existing cross correlation between Xinjiang Baodi Mining and Anhui Jinhe Industrial, you can compare the effects of market volatilities on Xinjiang Baodi and Anhui Jinhe 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 Xinjiang Baodi with a short position of Anhui Jinhe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Anhui Jinhe.
Diversification Opportunities for Xinjiang Baodi and Anhui Jinhe
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xinjiang and Anhui is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Anhui Jinhe Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jinhe Industrial and Xinjiang Baodi 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 Xinjiang Baodi Mining are associated (or correlated) with Anhui Jinhe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jinhe Industrial has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Anhui Jinhe go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Anhui Jinhe
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to under-perform the Anhui Jinhe. In addition to that, Xinjiang Baodi is 2.32 times more volatile than Anhui Jinhe Industrial. It trades about -0.16 of its total potential returns per unit of risk. Anhui Jinhe Industrial is currently generating about 0.12 per unit of volatility. If you would invest 2,285 in Anhui Jinhe Industrial on October 17, 2024 and sell it today you would earn a total of 72.00 from holding Anhui Jinhe Industrial or generate 3.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Anhui Jinhe Industrial
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Anhui Jinhe Industrial |
Xinjiang Baodi and Anhui Jinhe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Anhui Jinhe
The main advantage of trading using opposite Xinjiang Baodi and Anhui Jinhe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Anhui Jinhe 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 Anhui Jinhe will offset losses from the drop in Anhui Jinhe's long position.| Xinjiang Baodi vs. Dr Peng Telecom | Xinjiang Baodi vs. Peoples Insurance of | Xinjiang Baodi vs. Iat Automobile Technology | Xinjiang Baodi vs. China Eastern Airlines |
| Anhui Jinhe vs. Rising Nonferrous Metals | Anhui Jinhe vs. Ningbo Jintian Copper | Anhui Jinhe vs. Xinjiang Baodi Mining | Anhui Jinhe vs. Chengtun Mining Group |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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