Correlation Between Jinhui Mining and Integrated Electronic
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By analyzing existing cross correlation between Jinhui Mining Co and Integrated Electronic Systems, you can compare the effects of market volatilities on Jinhui Mining and Integrated Electronic 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 Integrated Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Integrated Electronic.
Diversification Opportunities for Jinhui Mining and Integrated Electronic
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jinhui and Integrated is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Integrated Electronic Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Integrated Electronic 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 Integrated Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Integrated Electronic has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Integrated Electronic go up and down completely randomly.
Pair Corralation between Jinhui Mining and Integrated Electronic
Assuming the 90 days trading horizon Jinhui Mining Co is expected to generate 0.48 times more return on investment than Integrated Electronic. However, Jinhui Mining Co is 2.1 times less risky than Integrated Electronic. It trades about -0.06 of its potential returns per unit of risk. Integrated Electronic Systems is currently generating about -0.14 per unit of risk. If you would invest 1,160 in Jinhui Mining Co on October 28, 2024 and sell it today you would lose (21.00) from holding Jinhui Mining Co or give up 1.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Integrated Electronic Systems
Performance |
| Timeline |
| Jinhui Mining |
| Integrated Electronic |
Jinhui Mining and Integrated Electronic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Integrated Electronic
The main advantage of trading using opposite Jinhui Mining and Integrated Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Integrated Electronic 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 Integrated Electronic will offset losses from the drop in Integrated Electronic's long position.| Jinhui Mining vs. Zijin Mining Group | Jinhui Mining vs. Wanhua Chemical Group | Jinhui Mining vs. Baoshan Iron Steel | Jinhui Mining vs. Shandong Gold Mining |
| Integrated Electronic vs. CICC Fund Management | Integrated Electronic vs. Sanbo Hospital Management | Integrated Electronic vs. Nanjing OLO Home | Integrated Electronic vs. Zoy Home Furnishing |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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