Correlation Between Camel Group and Chengtun Mining
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By analyzing existing cross correlation between Camel Group Co and Chengtun Mining Group, you can compare the effects of market volatilities on Camel Group and Chengtun Mining 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 Camel Group with a short position of Chengtun Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Camel Group and Chengtun Mining.
Diversification Opportunities for Camel Group and Chengtun Mining
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Camel and Chengtun is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Camel Group Co and Chengtun Mining Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengtun Mining Group and Camel Group 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 Camel Group Co are associated (or correlated) with Chengtun Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengtun Mining Group has no effect on the direction of Camel Group i.e., Camel Group and Chengtun Mining go up and down completely randomly.
Pair Corralation between Camel Group and Chengtun Mining
Assuming the 90 days trading horizon Camel Group is expected to generate 1.56 times less return on investment than Chengtun Mining. But when comparing it to its historical volatility, Camel Group Co is 1.61 times less risky than Chengtun Mining. It trades about 0.03 of its potential returns per unit of risk. Chengtun Mining Group is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 442.00 in Chengtun Mining Group on September 2, 2024 and sell it today you would earn a total of 40.00 from holding Chengtun Mining Group or generate 9.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Camel Group Co vs. Chengtun Mining Group
Performance |
| Timeline |
| Camel Group |
| Chengtun Mining Group |
Camel Group and Chengtun Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Camel Group and Chengtun Mining
The main advantage of trading using opposite Camel Group and Chengtun Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Camel Group position performs unexpectedly, Chengtun Mining 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 Chengtun Mining will offset losses from the drop in Chengtun Mining's long position.| Camel Group vs. Time Publishing and | Camel Group vs. Shandong Publishing Media | Camel Group vs. Qtone Education Group | Camel Group vs. Shanghai Action Education |
| Chengtun Mining vs. Xiamen Jihong Package | Chengtun Mining vs. Sichuan Teway Food | Chengtun Mining vs. Haima Automobile Group | Chengtun Mining vs. Suzhou Weizhixiang Food |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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