Correlation Between Jinhui Mining and Anhui Jianghuai
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By analyzing existing cross correlation between Jinhui Mining Co and Anhui Jianghuai Automobile, you can compare the effects of market volatilities on Jinhui Mining and Anhui Jianghuai 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 Anhui Jianghuai. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Anhui Jianghuai.
Diversification Opportunities for Jinhui Mining and Anhui Jianghuai
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jinhui and Anhui is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Anhui Jianghuai Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Jianghuai Auto 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 Anhui Jianghuai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Jianghuai Auto has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Anhui Jianghuai go up and down completely randomly.
Pair Corralation between Jinhui Mining and Anhui Jianghuai
Assuming the 90 days trading horizon Jinhui Mining Co is expected to under-perform the Anhui Jianghuai. But the stock apears to be less risky and, when comparing its historical volatility, Jinhui Mining Co is 2.5 times less risky than Anhui Jianghuai. The stock trades about -0.08 of its potential returns per unit of risk. The Anhui Jianghuai Automobile is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,928 in Anhui Jianghuai Automobile on October 14, 2024 and sell it today you would earn a total of 597.00 from holding Anhui Jianghuai Automobile or generate 20.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Anhui Jianghuai Automobile
Performance |
| Timeline |
| Jinhui Mining |
| Anhui Jianghuai Auto |
Jinhui Mining and Anhui Jianghuai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Anhui Jianghuai
The main advantage of trading using opposite Jinhui Mining and Anhui Jianghuai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Anhui Jianghuai 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 Anhui Jianghuai will offset losses from the drop in Anhui Jianghuai's long position.| Jinhui Mining vs. Union Semiconductor Co | Jinhui Mining vs. Xiangtan Electrochemical Scientific | Jinhui Mining vs. Ingenic Semiconductor | Jinhui Mining vs. StarPower Semiconductor |
| Anhui Jianghuai vs. Tianjin Silvery Dragon | Anhui Jianghuai vs. Jinhui Mining Co | Anhui Jianghuai vs. GreenTech Environmental Co | Anhui Jianghuai vs. Xinjiang Baodi 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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