Correlation Between Jinhui Mining and Fujian Anjoy
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By analyzing existing cross correlation between Jinhui Mining Co and Fujian Anjoy Foods, you can compare the effects of market volatilities on Jinhui Mining and Fujian Anjoy 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 Fujian Anjoy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Fujian Anjoy.
Diversification Opportunities for Jinhui Mining and Fujian Anjoy
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jinhui and Fujian is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Fujian Anjoy Foods in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Anjoy Foods 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 Fujian Anjoy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Anjoy Foods has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Fujian Anjoy go up and down completely randomly.
Pair Corralation between Jinhui Mining and Fujian Anjoy
Assuming the 90 days trading horizon Jinhui Mining Co is expected to under-perform the Fujian Anjoy. But the stock apears to be less risky and, when comparing its historical volatility, Jinhui Mining Co is 1.82 times less risky than Fujian Anjoy. The stock trades about -0.02 of its potential returns per unit of risk. The Fujian Anjoy Foods is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,278 in Fujian Anjoy Foods on September 13, 2024 and sell it today you would earn a total of 153.00 from holding Fujian Anjoy Foods or generate 1.65% 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. Fujian Anjoy Foods
Performance |
| Timeline |
| Jinhui Mining |
| Fujian Anjoy Foods |
Jinhui Mining and Fujian Anjoy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Fujian Anjoy
The main advantage of trading using opposite Jinhui Mining and Fujian Anjoy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Fujian Anjoy 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 Fujian Anjoy will offset losses from the drop in Fujian Anjoy's long position.| Jinhui Mining vs. Zijin Mining Group | Jinhui Mining vs. Wanhua Chemical Group | Jinhui Mining vs. Baoshan Iron Steel | Jinhui Mining vs. Shandong Gold Mining |
| Fujian Anjoy vs. Jiangxi JDL Environmental | Fujian Anjoy vs. Hainan Haiqi Transportation | Fujian Anjoy vs. Changjiang Jinggong Steel | Fujian Anjoy vs. Anyang Iron Steel |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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