Correlation Between Fujian Anjoy and Jinhui Mining
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By analyzing existing cross correlation between Fujian Anjoy Foods and Jinhui Mining Co, you can compare the effects of market volatilities on Fujian Anjoy and Jinhui 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 Fujian Anjoy with a short position of Jinhui Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fujian Anjoy and Jinhui Mining.
Diversification Opportunities for Fujian Anjoy and Jinhui Mining
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fujian and Jinhui is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Fujian Anjoy Foods and Jinhui Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinhui Mining and Fujian Anjoy 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 Fujian Anjoy Foods are associated (or correlated) with Jinhui Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinhui Mining has no effect on the direction of Fujian Anjoy i.e., Fujian Anjoy and Jinhui Mining go up and down completely randomly.
Pair Corralation between Fujian Anjoy and Jinhui Mining
Assuming the 90 days trading horizon Fujian Anjoy Foods is expected to generate 1.82 times more return on investment than Jinhui Mining. However, Fujian Anjoy is 1.82 times more volatile than Jinhui Mining Co. It trades about 0.04 of its potential returns per unit of risk. Jinhui Mining Co is currently generating about -0.02 per unit of risk. 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 |
Fujian Anjoy Foods vs. Jinhui Mining Co
Performance |
| Timeline |
| Fujian Anjoy Foods |
| Jinhui Mining |
Fujian Anjoy and Jinhui Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fujian Anjoy and Jinhui Mining
The main advantage of trading using opposite Fujian Anjoy and Jinhui Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fujian Anjoy position performs unexpectedly, Jinhui 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 Jinhui Mining will offset losses from the drop in Jinhui Mining's long position.| Fujian Anjoy vs. Jiangxi JDL Environmental | Fujian Anjoy vs. Hainan Haiqi Transportation | Fujian Anjoy vs. Changjiang Jinggong Steel | Fujian Anjoy vs. Anyang Iron Steel |
| Jinhui Mining vs. Zijin Mining Group | Jinhui Mining vs. Wanhua Chemical Group | Jinhui Mining vs. Baoshan Iron Steel | Jinhui Mining vs. Shandong Gold Mining |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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