Correlation Between Jinhui Mining and Rising Nonferrous
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By analyzing existing cross correlation between Jinhui Mining Co and Rising Nonferrous Metals, you can compare the effects of market volatilities on Jinhui Mining and Rising Nonferrous 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 Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Rising Nonferrous.
Diversification Opportunities for Jinhui Mining and Rising Nonferrous
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinhui and Rising is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals 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 Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Jinhui Mining and Rising Nonferrous
Assuming the 90 days trading horizon Jinhui Mining Co is expected to generate 0.95 times more return on investment than Rising Nonferrous. However, Jinhui Mining Co is 1.05 times less risky than Rising Nonferrous. It trades about -0.01 of its potential returns per unit of risk. Rising Nonferrous Metals is currently generating about -0.04 per unit of risk. If you would invest 1,363 in Jinhui Mining Co on November 2, 2024 and sell it today you would lose (222.00) from holding Jinhui Mining Co or give up 16.29% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Rising Nonferrous Metals
Performance |
| Timeline |
| Jinhui Mining |
| Rising Nonferrous Metals |
Jinhui Mining and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Rising Nonferrous
The main advantage of trading using opposite Jinhui Mining and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.| Jinhui Mining vs. Time Publishing and | Jinhui Mining vs. Zhejiang Publishing Media | Jinhui Mining vs. Heilongjiang Publishing Media | Jinhui Mining vs. Chengtun Mining Group |
| Rising Nonferrous vs. Kailong High Technology | Rising Nonferrous vs. XiaMen HongXin Electron tech | Rising Nonferrous vs. Eyebright Medical Technology | Rising Nonferrous vs. Sichuan Hebang Biotechnology |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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