Correlation Between Hainan Mining and Changchun Faway
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hainan Mining Co and Changchun Faway Automobile, you can compare the effects of market volatilities on Hainan Mining and Changchun Faway 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 Changchun Faway. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Mining and Changchun Faway.
Diversification Opportunities for Hainan Mining and Changchun Faway
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hainan and Changchun is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Mining Co and Changchun Faway Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun Faway Auto 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 Changchun Faway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun Faway Auto has no effect on the direction of Hainan Mining i.e., Hainan Mining and Changchun Faway go up and down completely randomly.
Pair Corralation between Hainan Mining and Changchun Faway
If you would invest 672.00 in Hainan Mining Co on September 15, 2024 and sell it today you would earn a total of 102.00 from holding Hainan Mining Co or generate 15.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Mining Co vs. Changchun Faway Automobile
Performance |
| Timeline |
| Hainan Mining |
| Changchun Faway Auto |
Hainan Mining and Changchun Faway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Mining and Changchun Faway
The main advantage of trading using opposite Hainan Mining and Changchun Faway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Mining position performs unexpectedly, Changchun Faway 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 Changchun Faway will offset losses from the drop in Changchun Faway'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 |
| Changchun Faway vs. BeiGene | Changchun Faway vs. Kweichow Moutai Co | Changchun Faway vs. Beijing Roborock Technology | Changchun Faway vs. G bits Network Technology |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |