Correlation Between Juewei Food and China Minmetals
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By analyzing existing cross correlation between Juewei Food Co and China Minmetals Rare, you can compare the effects of market volatilities on Juewei Food and China Minmetals 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 Juewei Food with a short position of China Minmetals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juewei Food and China Minmetals.
Diversification Opportunities for Juewei Food and China Minmetals
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juewei and China is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Juewei Food Co and China Minmetals Rare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Minmetals Rare and Juewei Food 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 Juewei Food Co are associated (or correlated) with China Minmetals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Minmetals Rare has no effect on the direction of Juewei Food i.e., Juewei Food and China Minmetals go up and down completely randomly.
Pair Corralation between Juewei Food and China Minmetals
Assuming the 90 days trading horizon Juewei Food Co is expected to under-perform the China Minmetals. In addition to that, Juewei Food is 1.12 times more volatile than China Minmetals Rare. It trades about -0.07 of its total potential returns per unit of risk. China Minmetals Rare is currently generating about 0.02 per unit of volatility. If you would invest 2,840 in China Minmetals Rare on October 16, 2024 and sell it today you would earn a total of 123.00 from holding China Minmetals Rare or generate 4.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juewei Food Co vs. China Minmetals Rare
Performance |
| Timeline |
| Juewei Food |
| China Minmetals Rare |
Juewei Food and China Minmetals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juewei Food and China Minmetals
The main advantage of trading using opposite Juewei Food and China Minmetals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juewei Food position performs unexpectedly, China Minmetals 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 China Minmetals will offset losses from the drop in China Minmetals' long position.| Juewei Food vs. Shenyang Blue Silver | Juewei Food vs. Uroica Mining Safety | Juewei Food vs. Shenzhen Silver Basis | Juewei Food vs. Shengda Mining Co |
| China Minmetals vs. Chengdu B ray Media | China Minmetals vs. Suzhou Weizhixiang Food | China Minmetals vs. Sichuan Teway Food | China Minmetals vs. Juewei Food 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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