Correlation Between Jiangxi Sunshine and JCHX Mining
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By analyzing existing cross correlation between Jiangxi Sunshine Dairy and JCHX Mining Management, you can compare the effects of market volatilities on Jiangxi Sunshine 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 Jiangxi Sunshine with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangxi Sunshine and JCHX Mining.
Diversification Opportunities for Jiangxi Sunshine and JCHX Mining
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jiangxi and JCHX is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Jiangxi Sunshine Dairy 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 Jiangxi Sunshine 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 Sunshine Dairy 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 Jiangxi Sunshine i.e., Jiangxi Sunshine and JCHX Mining go up and down completely randomly.
Pair Corralation between Jiangxi Sunshine and JCHX Mining
Assuming the 90 days trading horizon Jiangxi Sunshine Dairy is expected to under-perform the JCHX Mining. In addition to that, Jiangxi Sunshine is 1.58 times more volatile than JCHX Mining Management. It trades about -0.08 of its total potential returns per unit of risk. JCHX Mining Management is currently generating about 0.04 per unit of volatility. If you would invest 3,908 in JCHX Mining Management on October 30, 2024 and sell it today you would earn a total of 83.00 from holding JCHX Mining Management or generate 2.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangxi Sunshine Dairy vs. JCHX Mining Management
Performance |
| Timeline |
| Jiangxi Sunshine Dairy |
| JCHX Mining Management |
Jiangxi Sunshine and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangxi Sunshine and JCHX Mining
The main advantage of trading using opposite Jiangxi Sunshine and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangxi Sunshine 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.| Jiangxi Sunshine vs. Bus Online Co | Jiangxi Sunshine vs. Hangzhou Guotai Environmental | Jiangxi Sunshine vs. Guangdong Liantai Environmental | Jiangxi Sunshine vs. Sinosteel Engineering and |
| JCHX Mining vs. Zijin Mining Group | JCHX Mining vs. Wanhua Chemical Group | JCHX Mining vs. Baoshan Iron Steel | JCHX Mining vs. Shandong Gold Mining |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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