Correlation Between Jinhui Mining and Beijing HuaYuanYiTong
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By analyzing existing cross correlation between Jinhui Mining Co and Beijing HuaYuanYiTong Thermal, you can compare the effects of market volatilities on Jinhui Mining and Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Beijing HuaYuanYiTong.
Diversification Opportunities for Jinhui Mining and Beijing HuaYuanYiTong
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jinhui and Beijing is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Beijing HuaYuanYiTong Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing HuaYuanYiTong has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Beijing HuaYuanYiTong go up and down completely randomly.
Pair Corralation between Jinhui Mining and Beijing HuaYuanYiTong
Assuming the 90 days trading horizon Jinhui Mining Co is expected to generate 0.7 times more return on investment than Beijing HuaYuanYiTong. However, Jinhui Mining Co is 1.42 times less risky than Beijing HuaYuanYiTong. It trades about -0.22 of its potential returns per unit of risk. Beijing HuaYuanYiTong Thermal is currently generating about -0.53 per unit of risk. If you would invest 1,194 in Jinhui Mining Co on October 11, 2024 and sell it today you would lose (76.00) from holding Jinhui Mining Co or give up 6.37% 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. Beijing HuaYuanYiTong Thermal
Performance |
| Timeline |
| Jinhui Mining |
| Beijing HuaYuanYiTong |
Jinhui Mining and Beijing HuaYuanYiTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Beijing HuaYuanYiTong
The main advantage of trading using opposite Jinhui Mining and Beijing HuaYuanYiTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Beijing HuaYuanYiTong 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 Beijing HuaYuanYiTong will offset losses from the drop in Beijing HuaYuanYiTong's long position.| Jinhui Mining vs. Giantec Semiconductor Corp | Jinhui Mining vs. Sunwave Communications Co | Jinhui Mining vs. Thinkon Semiconductor Jinzhou | Jinhui Mining vs. Lontium Semiconductor Corp |
| Beijing HuaYuanYiTong vs. Zijin Mining Group | Beijing HuaYuanYiTong vs. Ningbo Fangzheng Automobile | Beijing HuaYuanYiTong vs. Western Mining Co | Beijing HuaYuanYiTong vs. Jinhui Mining 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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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