Correlation Between Jinhui Mining and Shanghai Bailian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jinhui Mining Co and Shanghai Bailian Group, you can compare the effects of market volatilities on Jinhui Mining and Shanghai Bailian 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 Shanghai Bailian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Mining and Shanghai Bailian.
Diversification Opportunities for Jinhui Mining and Shanghai Bailian
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinhui and Shanghai is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Mining Co and Shanghai Bailian Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Bailian 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 Shanghai Bailian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Bailian has no effect on the direction of Jinhui Mining i.e., Jinhui Mining and Shanghai Bailian go up and down completely randomly.
Pair Corralation between Jinhui Mining and Shanghai Bailian
Assuming the 90 days trading horizon Jinhui Mining is expected to generate 30.54 times less return on investment than Shanghai Bailian. In addition to that, Jinhui Mining is 1.11 times more volatile than Shanghai Bailian Group. It trades about 0.0 of its total potential returns per unit of risk. Shanghai Bailian Group is currently generating about 0.08 per unit of volatility. If you would invest 51.00 in Shanghai Bailian Group on September 12, 2024 and sell it today you would earn a total of 24.00 from holding Shanghai Bailian Group or generate 47.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Mining Co vs. Shanghai Bailian Group
Performance |
| Timeline |
| Jinhui Mining |
| Shanghai Bailian |
Jinhui Mining and Shanghai Bailian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Mining and Shanghai Bailian
The main advantage of trading using opposite Jinhui Mining and Shanghai Bailian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Mining position performs unexpectedly, Shanghai Bailian 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 Shanghai Bailian will offset losses from the drop in Shanghai Bailian's long position.| Jinhui Mining vs. Zijin Mining Group | Jinhui Mining vs. Wanhua Chemical Group | Jinhui Mining vs. Baoshan Iron Steel | Jinhui Mining vs. Rongsheng Petrochemical Co |
| Shanghai Bailian vs. Jinhui Mining Co | Shanghai Bailian vs. Uroica Mining Safety | Shanghai Bailian vs. Guangdong Marubi Biotechnology | Shanghai Bailian vs. Shenzhen Bioeasy Biotechnology |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |