Correlation Between Hoshine Silicon and Hainan Mining
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By analyzing existing cross correlation between Hoshine Silicon Ind and Hainan Mining Co, you can compare the effects of market volatilities on Hoshine Silicon and Hainan Mining 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 Hoshine Silicon with a short position of Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hoshine Silicon and Hainan Mining.
Diversification Opportunities for Hoshine Silicon and Hainan Mining
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Hoshine and Hainan is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Hoshine Silicon Ind and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining and Hoshine Silicon 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 Hoshine Silicon Ind are associated (or correlated) with Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of Hoshine Silicon i.e., Hoshine Silicon and Hainan Mining go up and down completely randomly.
Pair Corralation between Hoshine Silicon and Hainan Mining
Assuming the 90 days trading horizon Hoshine Silicon is expected to generate 2.9 times less return on investment than Hainan Mining. But when comparing it to its historical volatility, Hoshine Silicon Ind is 1.03 times less risky than Hainan Mining. It trades about 0.01 of its potential returns per unit of risk. Hainan Mining Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 637.00 in Hainan Mining Co on September 4, 2024 and sell it today you would earn a total of 136.00 from holding Hainan Mining Co or generate 21.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hoshine Silicon Ind vs. Hainan Mining Co
Performance |
| Timeline |
| Hoshine Silicon Ind |
| Hainan Mining |
Hoshine Silicon and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hoshine Silicon and Hainan Mining
The main advantage of trading using opposite Hoshine Silicon and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hoshine Silicon position performs unexpectedly, Hainan Mining 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 Hainan Mining will offset losses from the drop in Hainan Mining's long position.| Hoshine Silicon vs. Xingguang Agricultural Mach | Hoshine Silicon vs. Long Yuan Construction | Hoshine Silicon vs. Jiangsu Yanghe Brewery | Hoshine Silicon vs. Ningxia Younglight Chemicals |
| Hainan Mining vs. Zijin Mining Group | Hainan Mining vs. Wanhua Chemical Group | Hainan Mining vs. Baoshan Iron Steel | Hainan Mining vs. Rongsheng Petrochemical Co |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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