Correlation Between Jinhui Mining and Suzhou Weizhixiang
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By analyzing existing cross correlation between Jinhui Mining Co and Suzhou Weizhixiang Food, you can compare the effects of market volatilities on Jinhui Mining and Suzhou Weizhixiang 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 Suzhou Weizhixiang. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Suzhou Weizhixiang.
Diversification Opportunities for Jinhui Mining and Suzhou Weizhixiang
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jinhui and Suzhou is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Suzhou Weizhixiang Food in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou Weizhixiang Food 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 Suzhou Weizhixiang. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou Weizhixiang Food has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Suzhou Weizhixiang go up and down completely randomly.
Pair Corralation between Jinhui Mining and Suzhou Weizhixiang
Assuming the 90 days trading horizon Jinhui Mining Co is expected to generate 0.81 times more return on investment than Suzhou Weizhixiang. However, Jinhui Mining Co is 1.23 times less risky than Suzhou Weizhixiang. It trades about -0.01 of its potential returns per unit of risk. Suzhou Weizhixiang Food is currently generating about -0.06 per unit of risk. If you would invest 1,327 in Jinhui Mining Co on October 16, 2024 and sell it today you would lose (203.00) from holding Jinhui Mining Co or give up 15.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Suzhou Weizhixiang Food
Performance |
| Timeline |
| Jinhui Mining |
| Suzhou Weizhixiang Food |
Jinhui Mining and Suzhou Weizhixiang Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Suzhou Weizhixiang
The main advantage of trading using opposite Jinhui Mining and Suzhou Weizhixiang positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Suzhou Weizhixiang 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 Suzhou Weizhixiang will offset losses from the drop in Suzhou Weizhixiang's long position.| Jinhui Mining vs. Lontium Semiconductor Corp | Jinhui Mining vs. Union Semiconductor Co | Jinhui Mining vs. Great Sun Foods Co | Jinhui Mining vs. Shandong Longda Meat |
| Suzhou Weizhixiang vs. Jinhui Mining Co | Suzhou Weizhixiang vs. Pengxin International Mining | Suzhou Weizhixiang vs. Shandong Longquan Pipeline | Suzhou Weizhixiang vs. Vats Liquor Chain |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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