Correlation Between Jiangyin Jianghua and Hainan Mining
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By analyzing existing cross correlation between Jiangyin Jianghua Microelectronics and Hainan Mining Co, you can compare the effects of market volatilities on Jiangyin Jianghua and Hainan 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 Jiangyin Jianghua with a short position of Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangyin Jianghua and Hainan Mining.
Diversification Opportunities for Jiangyin Jianghua and Hainan Mining
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangyin and Hainan is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Jiangyin Jianghua Microelectro and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining and Jiangyin Jianghua 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 Jiangyin Jianghua Microelectronics are associated (or correlated) with Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of Jiangyin Jianghua i.e., Jiangyin Jianghua and Hainan Mining go up and down completely randomly.
Pair Corralation between Jiangyin Jianghua and Hainan Mining
Assuming the 90 days trading horizon Jiangyin Jianghua Microelectronics is expected to generate 1.01 times more return on investment than Hainan Mining. However, Jiangyin Jianghua is 1.01 times more volatile than Hainan Mining Co. It trades about 0.01 of its potential returns per unit of risk. Hainan Mining Co is currently generating about -0.02 per unit of risk. If you would invest 1,601 in Jiangyin Jianghua Microelectronics on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Jiangyin Jianghua Microelectronics or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangyin Jianghua Microelectro vs. Hainan Mining Co
Performance |
| Timeline |
| Jiangyin Jianghua |
| Hainan Mining |
Jiangyin Jianghua and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangyin Jianghua and Hainan Mining
The main advantage of trading using opposite Jiangyin Jianghua and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangyin Jianghua position performs unexpectedly, Hainan 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 Hainan Mining will offset losses from the drop in Hainan Mining's long position.| Jiangyin Jianghua vs. Dirui Industrial Co | Jiangyin Jianghua vs. Ningbo Fujia Industrial | Jiangyin Jianghua vs. Jiangsu Jinling Sports | Jiangyin Jianghua vs. Beingmate Baby Child |
| Hainan Mining vs. Northking Information Technology | Hainan Mining vs. Winner Medical Co | Hainan Mining vs. Shenzhen Glory Medical | Hainan Mining vs. Linewell Software 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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