Correlation Between Jinhui Mining and Panda Financial
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinhui Mining Co and Panda Financial Holding, you can compare the effects of market volatilities on Jinhui Mining and Panda Financial 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 Panda Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Panda Financial.
Diversification Opportunities for Jinhui Mining and Panda Financial
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinhui and Panda is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Panda Financial Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Panda Financial Holding 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 Panda Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Panda Financial Holding has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Panda Financial go up and down completely randomly.
Pair Corralation between Jinhui Mining and Panda Financial
Assuming the 90 days trading horizon Jinhui Mining Co is expected to under-perform the Panda Financial. But the stock apears to be less risky and, when comparing its historical volatility, Jinhui Mining Co is 1.72 times less risky than Panda Financial. The stock trades about -0.11 of its potential returns per unit of risk. The Panda Financial Holding is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,194 in Panda Financial Holding on August 29, 2024 and sell it today you would earn a total of 240.00 from holding Panda Financial Holding or generate 20.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Panda Financial Holding
Performance |
| Timeline |
| Jinhui Mining |
| Panda Financial Holding |
Jinhui Mining and Panda Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Panda Financial
The main advantage of trading using opposite Jinhui Mining and Panda Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Panda Financial 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 Panda Financial will offset losses from the drop in Panda Financial's long position.| Jinhui Mining vs. Panda Financial Holding | Jinhui Mining vs. Gome Telecom Equipment | Jinhui Mining vs. Guangdong Qunxing Toys | Jinhui Mining vs. China Everbright Bank |
| Panda Financial vs. BeiGene | Panda Financial vs. Kweichow Moutai Co | Panda Financial vs. Beijing Roborock Technology | Panda Financial vs. G bits Network Technology |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |