Correlation Between Jiangxi Ganfeng and Sinomine Resource
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangxi Ganfeng Lithium and Sinomine Resource Exploration, you can compare the effects of market volatilities on Jiangxi Ganfeng and Sinomine Resource 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 Jiangxi Ganfeng with a short position of Sinomine Resource. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Ganfeng and Sinomine Resource.
Diversification Opportunities for Jiangxi Ganfeng and Sinomine Resource
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jiangxi and Sinomine is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Ganfeng Lithium and Sinomine Resource Exploration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinomine Resource and Jiangxi Ganfeng 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 Jiangxi Ganfeng Lithium are associated (or correlated) with Sinomine Resource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sinomine Resource has no effect on the direction of Jiangxi Ganfeng i.e., Jiangxi Ganfeng and Sinomine Resource go up and down completely randomly.
Pair Corralation between Jiangxi Ganfeng and Sinomine Resource
Assuming the 90 days trading horizon Jiangxi Ganfeng Lithium is expected to generate 1.83 times more return on investment than Sinomine Resource. However, Jiangxi Ganfeng is 1.83 times more volatile than Sinomine Resource Exploration. It trades about 0.05 of its potential returns per unit of risk. Sinomine Resource Exploration is currently generating about -0.03 per unit of risk. If you would invest 3,588 in Jiangxi Ganfeng Lithium on December 10, 2024 and sell it today you would earn a total of 73.00 from holding Jiangxi Ganfeng Lithium or generate 2.03% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Jiangxi Ganfeng Lithium vs. Sinomine Resource Exploration
Performance |
Timeline |
Jiangxi Ganfeng Lithium |
Sinomine Resource |
Jiangxi Ganfeng and Sinomine Resource Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangxi Ganfeng and Sinomine Resource
The main advantage of trading using opposite Jiangxi Ganfeng and Sinomine Resource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Ganfeng position performs unexpectedly, Sinomine Resource 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 Sinomine Resource will offset losses from the drop in Sinomine Resource's long position.Jiangxi Ganfeng vs. Biwin Storage Technology | Jiangxi Ganfeng vs. Harson Trading China | Jiangxi Ganfeng vs. Emdoor Information Co | Jiangxi Ganfeng vs. Hubei Geoway Investment |
Sinomine Resource vs. Songz Automobile Air | Sinomine Resource vs. Changchun Engley Automobile | Sinomine Resource vs. Shandong Hongchuang Aluminum | Sinomine Resource vs. China Aluminum International |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |