Correlation Between Hunan Investment and JCHX Mining
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By analyzing existing cross correlation between Hunan Investment Group and JCHX Mining Management, you can compare the effects of market volatilities on Hunan Investment and JCHX 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 Hunan Investment with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Investment and JCHX Mining.
Diversification Opportunities for Hunan Investment and JCHX Mining
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hunan and JCHX is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Investment Group and JCHX Mining Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JCHX Mining Management and Hunan Investment 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 Hunan Investment Group are associated (or correlated) with JCHX Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JCHX Mining Management has no effect on the direction of Hunan Investment i.e., Hunan Investment and JCHX Mining go up and down completely randomly.
Pair Corralation between Hunan Investment and JCHX Mining
Assuming the 90 days trading horizon Hunan Investment is expected to generate 4.5 times less return on investment than JCHX Mining. But when comparing it to its historical volatility, Hunan Investment Group is 1.07 times less risky than JCHX Mining. It trades about 0.08 of its potential returns per unit of risk. JCHX Mining Management is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 3,562 in JCHX Mining Management on November 3, 2024 and sell it today you would earn a total of 429.00 from holding JCHX Mining Management or generate 12.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Investment Group vs. JCHX Mining Management
Performance |
| Timeline |
| Hunan Investment |
| JCHX Mining Management |
Hunan Investment and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Investment and JCHX Mining
The main advantage of trading using opposite Hunan Investment and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Investment position performs unexpectedly, JCHX 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 JCHX Mining will offset losses from the drop in JCHX Mining's long position.| Hunan Investment vs. Allmed Medical Products | Hunan Investment vs. Easyhome New Retail | Hunan Investment vs. AUPU Home Style | Hunan Investment vs. Ziel Home Furnishing |
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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