Correlation Between Jinhui Mining and Oppein Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinhui Mining Co and Oppein Home Group, you can compare the effects of market volatilities on Jinhui Mining and Oppein Home 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 Oppein Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Oppein Home.
Diversification Opportunities for Jinhui Mining and Oppein Home
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jinhui and Oppein is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Oppein Home Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oppein Home Group 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 Oppein Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oppein Home Group has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Oppein Home go up and down completely randomly.
Pair Corralation between Jinhui Mining and Oppein Home
Assuming the 90 days trading horizon Jinhui Mining Co is expected to generate 0.66 times more return on investment than Oppein Home. However, Jinhui Mining Co is 1.52 times less risky than Oppein Home. It trades about -0.13 of its potential returns per unit of risk. Oppein Home Group is currently generating about -0.31 per unit of risk. If you would invest 1,165 in Jinhui Mining Co on October 16, 2024 and sell it today you would lose (41.00) from holding Jinhui Mining Co or give up 3.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Oppein Home Group
Performance |
| Timeline |
| Jinhui Mining |
| Oppein Home Group |
Jinhui Mining and Oppein Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Oppein Home
The main advantage of trading using opposite Jinhui Mining and Oppein Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Oppein Home 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 Oppein Home will offset losses from the drop in Oppein Home's long position.| Jinhui Mining vs. Lutian Machinery Co | Jinhui Mining vs. Shenzhen Centralcon Investment | Jinhui Mining vs. Ningbo Construction Co | Jinhui Mining vs. Chengdu Xingrong Investment |
| Oppein Home vs. Telling Telecommunication Holding | Oppein Home vs. Guangdong Shenglu Telecommunication | Oppein Home vs. Beijing Bewinner Communications | Oppein Home vs. TianJin 712 Communication |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |