Correlation Between Jinhui Mining and Southern PublishingMedia
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinhui Mining Co and Southern PublishingMedia Co, you can compare the effects of market volatilities on Jinhui Mining and Southern PublishingMedia 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 Southern PublishingMedia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Southern PublishingMedia.
Diversification Opportunities for Jinhui Mining and Southern PublishingMedia
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jinhui and Southern is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Southern PublishingMedia Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern PublishingMedia 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 Southern PublishingMedia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern PublishingMedia has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Southern PublishingMedia go up and down completely randomly.
Pair Corralation between Jinhui Mining and Southern PublishingMedia
Assuming the 90 days trading horizon Jinhui Mining is expected to generate 13.72 times less return on investment than Southern PublishingMedia. But when comparing it to its historical volatility, Jinhui Mining Co is 1.11 times less risky than Southern PublishingMedia. It trades about 0.04 of its potential returns per unit of risk. Southern PublishingMedia Co is currently generating about 0.44 of returns per unit of risk over similar time horizon. If you would invest 1,460 in Southern PublishingMedia Co on November 6, 2024 and sell it today you would earn a total of 152.00 from holding Southern PublishingMedia Co or generate 10.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Southern PublishingMedia Co
Performance |
| Timeline |
| Jinhui Mining |
| Southern PublishingMedia |
Jinhui Mining and Southern PublishingMedia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Southern PublishingMedia
The main advantage of trading using opposite Jinhui Mining and Southern PublishingMedia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Southern PublishingMedia 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 Southern PublishingMedia will offset losses from the drop in Southern PublishingMedia's long position.| Jinhui Mining vs. Suzhou Douson Drilling | Jinhui Mining vs. Queclink Wireless Solutions | Jinhui Mining vs. China Eastern Airlines | Jinhui Mining vs. Vohringer Home 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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |