Correlation Between Shenyang Blue and Sinomine Resource
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By analyzing existing cross correlation between Shenyang Blue Silver and Sinomine Resource Exploration, you can compare the effects of market volatilities on Shenyang Blue 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 Shenyang Blue with a short position of Sinomine Resource. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenyang Blue and Sinomine Resource.
Diversification Opportunities for Shenyang Blue and Sinomine Resource
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shenyang and Sinomine is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Shenyang Blue Silver and Sinomine Resource Exploration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sinomine Resource and Shenyang Blue 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 Shenyang Blue Silver 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 Shenyang Blue i.e., Shenyang Blue and Sinomine Resource go up and down completely randomly.
Pair Corralation between Shenyang Blue and Sinomine Resource
Assuming the 90 days trading horizon Shenyang Blue Silver is expected to generate 1.48 times more return on investment than Sinomine Resource. However, Shenyang Blue is 1.48 times more volatile than Sinomine Resource Exploration. It trades about 0.06 of its potential returns per unit of risk. Sinomine Resource Exploration is currently generating about 0.02 per unit of risk. If you would invest 2,165 in Shenyang Blue Silver on September 30, 2024 and sell it today you would earn a total of 262.00 from holding Shenyang Blue Silver or generate 12.1% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Shenyang Blue Silver vs. Sinomine Resource Exploration
Performance |
Timeline |
Shenyang Blue Silver |
Sinomine Resource |
Shenyang Blue and Sinomine Resource Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shenyang Blue and Sinomine Resource
The main advantage of trading using opposite Shenyang Blue and Sinomine Resource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenyang Blue 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.Shenyang Blue vs. Bank of China | Shenyang Blue vs. Kweichow Moutai Co | Shenyang Blue vs. PetroChina Co Ltd | Shenyang Blue vs. Bank of Communications |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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