Correlation Between Western Mining and Jinyu Bio
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By analyzing existing cross correlation between Western Mining Co and Jinyu Bio Technology Co, you can compare the effects of market volatilities on Western Mining and Jinyu Bio 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 Western Mining with a short position of Jinyu Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of Western Mining and Jinyu Bio.
Diversification Opportunities for Western Mining and Jinyu Bio
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Western and Jinyu is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Western Mining Co and Jinyu Bio Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinyu Bio Technology and Western 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 Western Mining Co are associated (or correlated) with Jinyu Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinyu Bio Technology has no effect on the direction of Western Mining i.e., Western Mining and Jinyu Bio go up and down completely randomly.
Pair Corralation between Western Mining and Jinyu Bio
Assuming the 90 days trading horizon Western Mining Co is expected to generate 0.77 times more return on investment than Jinyu Bio. However, Western Mining Co is 1.3 times less risky than Jinyu Bio. It trades about 0.37 of its potential returns per unit of risk. Jinyu Bio Technology Co is currently generating about -0.26 per unit of risk. If you would invest 1,593 in Western Mining Co on October 21, 2024 and sell it today you would earn a total of 174.00 from holding Western Mining Co or generate 10.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Western Mining Co vs. Jinyu Bio Technology Co
Performance |
| Timeline |
| Western Mining |
| Jinyu Bio Technology |
Western Mining and Jinyu Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Western Mining and Jinyu Bio
The main advantage of trading using opposite Western Mining and Jinyu Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Western Mining position performs unexpectedly, Jinyu Bio 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 Jinyu Bio will offset losses from the drop in Jinyu Bio's long position.| Western Mining vs. Jiangsu Yueda Investment | Western Mining vs. Chengdu Xingrong Investment | Western Mining vs. Luyin Investment Group | Western Mining vs. Jointo Energy Investment |
| Jinyu Bio vs. Bomesc Offshore Engineering | Jinyu Bio vs. Fujian Newland Computer | Jinyu Bio vs. Yindu Kitchen Equipment | Jinyu Bio vs. Fiberhome Telecommunication Technologies |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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