Correlation Between Yunnan Copper and JCHX Mining
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By analyzing existing cross correlation between Yunnan Copper Co and JCHX Mining Management, you can compare the effects of market volatilities on Yunnan Copper 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 Yunnan Copper with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yunnan Copper and JCHX Mining.
Diversification Opportunities for Yunnan Copper and JCHX Mining
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Yunnan and JCHX is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Yunnan Copper Co 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 Yunnan Copper 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 Yunnan Copper Co 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 Yunnan Copper i.e., Yunnan Copper and JCHX Mining go up and down completely randomly.
Pair Corralation between Yunnan Copper and JCHX Mining
Assuming the 90 days trading horizon Yunnan Copper is expected to generate 2.63 times less return on investment than JCHX Mining. But when comparing it to its historical volatility, Yunnan Copper Co is 1.22 times less risky than JCHX Mining. It trades about 0.02 of its potential returns per unit of risk. JCHX Mining Management is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 2,662 in JCHX Mining Management on September 28, 2024 and sell it today you would earn a total of 1,118 from holding JCHX Mining Management or generate 42.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Yunnan Copper Co vs. JCHX Mining Management
Performance |
| Timeline |
| Yunnan Copper |
| JCHX Mining Management |
Yunnan Copper and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yunnan Copper and JCHX Mining
The main advantage of trading using opposite Yunnan Copper and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yunnan Copper 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.| Yunnan Copper vs. Wanhua Chemical Group | Yunnan Copper vs. Shandong Gold Mining | Yunnan Copper vs. Rongsheng Petrochemical Co | Yunnan Copper vs. Inner Mongolia BaoTou |
| JCHX Mining vs. Yunnan Copper Co | JCHX Mining vs. Huaxia Fund Management | JCHX Mining vs. China Asset Management | JCHX Mining vs. Hainan Airlines 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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