Correlation Between Jinhui Mining and Unisplendour Corp
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By analyzing existing cross correlation between Jinhui Mining Co and Unisplendour Corp, you can compare the effects of market volatilities on Jinhui Mining and Unisplendour Corp 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 Jinhui Mining with a short position of Unisplendour Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Unisplendour Corp.
Diversification Opportunities for Jinhui Mining and Unisplendour Corp
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jinhui and Unisplendour is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Unisplendour Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unisplendour Corp and Jinhui 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 Jinhui Mining Co are associated (or correlated) with Unisplendour Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unisplendour Corp has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Unisplendour Corp go up and down completely randomly.
Pair Corralation between Jinhui Mining and Unisplendour Corp
Assuming the 90 days trading horizon Jinhui Mining Co is expected to generate 0.53 times more return on investment than Unisplendour Corp. However, Jinhui Mining Co is 1.9 times less risky than Unisplendour Corp. It trades about -0.09 of its potential returns per unit of risk. Unisplendour Corp is currently generating about -0.07 per unit of risk. If you would invest 1,195 in Jinhui Mining Co on October 16, 2024 and sell it today you would lose (64.00) from holding Jinhui Mining Co or give up 5.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Unisplendour Corp
Performance |
| Timeline |
| Jinhui Mining |
| Unisplendour Corp |
Jinhui Mining and Unisplendour Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Unisplendour Corp
The main advantage of trading using opposite Jinhui Mining and Unisplendour Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Unisplendour Corp 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 Unisplendour Corp will offset losses from the drop in Unisplendour Corp's long position.| Jinhui Mining vs. Lutian Machinery Co | Jinhui Mining vs. Shenzhen Centralcon Investment | Jinhui Mining vs. Ningbo Construction Co | Jinhui Mining vs. Chengdu Xingrong Investment |
| Unisplendour Corp vs. Jinhui Mining Co | Unisplendour Corp vs. China Eastern Airlines | Unisplendour Corp vs. Ningxia Younglight Chemicals | Unisplendour Corp vs. Pengxin International Mining |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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