Correlation Between Jinhui Mining and Sino Platinum
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By analyzing existing cross correlation between Jinhui Mining Co and Sino Platinum Metals Co, you can compare the effects of market volatilities on Jinhui Mining and Sino Platinum 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 Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Sino Platinum.
Diversification Opportunities for Jinhui Mining and Sino Platinum
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinhui and Sino is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum 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 Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Sino Platinum go up and down completely randomly.
Pair Corralation between Jinhui Mining and Sino Platinum
Assuming the 90 days trading horizon Jinhui Mining is expected to generate 5.63 times less return on investment than Sino Platinum. In addition to that, Jinhui Mining is 1.16 times more volatile than Sino Platinum Metals Co. It trades about 0.0 of its total potential returns per unit of risk. Sino Platinum Metals Co is currently generating about 0.02 per unit of volatility. If you would invest 1,286 in Sino Platinum Metals Co on October 18, 2024 and sell it today you would earn a total of 94.00 from holding Sino Platinum Metals Co or generate 7.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Sino Platinum Metals Co
Performance |
| Timeline |
| Jinhui Mining |
| Sino Platinum Metals |
Jinhui Mining and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Sino Platinum
The main advantage of trading using opposite Jinhui Mining and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.| Jinhui Mining vs. Jiangsu Financial Leasing | Jinhui Mining vs. Nuode Investment Co | Jinhui Mining vs. Tieling Newcity Investment | Jinhui Mining vs. Xiandai Investment Co |
| Sino Platinum vs. Bomesc Offshore Engineering | Sino Platinum vs. Guangzhou Restaurants Group | Sino Platinum vs. Hubei Yingtong Telecommunication | Sino Platinum vs. Guangzhou Haige Communications |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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