Correlation Between Hainan Mining and Monalisa Group
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By analyzing existing cross correlation between Hainan Mining Co and Monalisa Group Co, you can compare the effects of market volatilities on Hainan Mining and Monalisa Group 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 Hainan Mining with a short position of Monalisa Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Mining and Monalisa Group.
Diversification Opportunities for Hainan Mining and Monalisa Group
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hainan and Monalisa is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Mining Co and Monalisa Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monalisa Group and Hainan 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 Hainan Mining Co are associated (or correlated) with Monalisa Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monalisa Group has no effect on the direction of Hainan Mining i.e., Hainan Mining and Monalisa Group go up and down completely randomly.
Pair Corralation between Hainan Mining and Monalisa Group
Assuming the 90 days trading horizon Hainan Mining Co is expected to generate 1.56 times more return on investment than Monalisa Group. However, Hainan Mining is 1.56 times more volatile than Monalisa Group Co. It trades about 0.16 of its potential returns per unit of risk. Monalisa Group Co is currently generating about 0.17 per unit of risk. If you would invest 708.00 in Hainan Mining Co on September 15, 2024 and sell it today you would earn a total of 66.00 from holding Hainan Mining Co or generate 9.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Hainan Mining Co vs. Monalisa Group Co
Performance |
| Timeline |
| Hainan Mining |
| Monalisa Group |
Hainan Mining and Monalisa Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Mining and Monalisa Group
The main advantage of trading using opposite Hainan Mining and Monalisa Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Mining position performs unexpectedly, Monalisa Group 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 Monalisa Group will offset losses from the drop in Monalisa Group's long position.| Hainan Mining vs. Zijin Mining Group | Hainan Mining vs. Wanhua Chemical Group | Hainan Mining vs. Baoshan Iron Steel | Hainan Mining vs. Shandong Gold Mining |
| Monalisa Group vs. Long Yuan Construction | Monalisa Group vs. Jinhui Mining Co | Monalisa Group vs. Guangdong Silvere Sci | Monalisa Group vs. Hainan Mining 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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