Correlation Between Jinhui Mining and Monalisa Group
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By analyzing existing cross correlation between Jinhui Mining Co and Monalisa Group Co, you can compare the effects of market volatilities on Jinhui Mining and Monalisa Group 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 Monalisa Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Monalisa Group.
Diversification Opportunities for Jinhui Mining and Monalisa Group
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinhui and Monalisa is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Monalisa Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monalisa Group 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 Monalisa Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monalisa Group has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Monalisa Group go up and down completely randomly.
Pair Corralation between Jinhui Mining and Monalisa Group
Assuming the 90 days trading horizon Jinhui Mining Co is expected to under-perform the Monalisa Group. But the stock apears to be less risky and, when comparing its historical volatility, Jinhui Mining Co is 1.22 times less risky than Monalisa Group. The stock trades about -0.05 of its potential returns per unit of risk. The Monalisa Group Co is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 869.00 in Monalisa Group Co on September 15, 2024 and sell it today you would earn a total of 61.00 from holding Monalisa Group Co or generate 7.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jinhui Mining Co vs. Monalisa Group Co
Performance |
| Timeline |
| Jinhui Mining |
| Monalisa Group |
Jinhui Mining and Monalisa Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Monalisa Group
The main advantage of trading using opposite Jinhui Mining and Monalisa Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Monalisa Group 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 Monalisa Group will offset losses from the drop in Monalisa Group'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 |
| Monalisa Group vs. Long Yuan Construction | Monalisa Group vs. Jinhui Mining Co | Monalisa Group vs. Guangdong Silvere Sci | Monalisa Group vs. Hainan 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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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