Correlation Between Hainan Mining and Gifore Agricultural
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By analyzing existing cross correlation between Hainan Mining Co and Gifore Agricultural Machinery, you can compare the effects of market volatilities on Hainan Mining and Gifore Agricultural 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 Gifore Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Mining and Gifore Agricultural.
Diversification Opportunities for Hainan Mining and Gifore Agricultural
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hainan and Gifore is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Mining Co and Gifore Agricultural Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gifore Agricultural 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 Gifore Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gifore Agricultural has no effect on the direction of Hainan Mining i.e., Hainan Mining and Gifore Agricultural go up and down completely randomly.
Pair Corralation between Hainan Mining and Gifore Agricultural
Assuming the 90 days trading horizon Hainan Mining Co is expected to under-perform the Gifore Agricultural. But the stock apears to be less risky and, when comparing its historical volatility, Hainan Mining Co is 2.18 times less risky than Gifore Agricultural. The stock trades about -0.31 of its potential returns per unit of risk. The Gifore Agricultural Machinery is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest 590.00 in Gifore Agricultural Machinery on October 17, 2024 and sell it today you would lose (74.00) from holding Gifore Agricultural Machinery or give up 12.54% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Mining Co vs. Gifore Agricultural Machinery
Performance |
| Timeline |
| Hainan Mining |
| Gifore Agricultural |
Hainan Mining and Gifore Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Mining and Gifore Agricultural
The main advantage of trading using opposite Hainan Mining and Gifore Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Mining position performs unexpectedly, Gifore Agricultural 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 Gifore Agricultural will offset losses from the drop in Gifore Agricultural's long position.| Hainan Mining vs. King Strong New Material | Hainan Mining vs. Iat Automobile Technology | Hainan Mining vs. Fuda Alloy Materials | Hainan Mining vs. Hangzhou Gaoxin Rubber |
| Gifore Agricultural vs. Zhongshan Public Utilities | Gifore Agricultural vs. Zhengzhou Coal Mining | Gifore Agricultural vs. Financial Street Holdings | Gifore Agricultural vs. Peoples Insurance of |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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