Correlation Between Beijing Bewinner and JCHX Mining
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By analyzing existing cross correlation between Beijing Bewinner Communications and JCHX Mining Management, you can compare the effects of market volatilities on Beijing Bewinner 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 Beijing Bewinner with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and JCHX Mining.
Diversification Opportunities for Beijing Bewinner and JCHX Mining
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and JCHX is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication 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 Beijing Bewinner 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 Beijing Bewinner Communications 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 Beijing Bewinner i.e., Beijing Bewinner and JCHX Mining go up and down completely randomly.
Pair Corralation between Beijing Bewinner and JCHX Mining
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 2.67 times more return on investment than JCHX Mining. However, Beijing Bewinner is 2.67 times more volatile than JCHX Mining Management. It trades about 0.05 of its potential returns per unit of risk. JCHX Mining Management is currently generating about 0.04 per unit of risk. If you would invest 634.00 in Beijing Bewinner Communications on October 30, 2024 and sell it today you would earn a total of 31.00 from holding Beijing Bewinner Communications or generate 4.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. JCHX Mining Management
Performance |
| Timeline |
| Beijing Bewinner Com |
| JCHX Mining Management |
Beijing Bewinner and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and JCHX Mining
The main advantage of trading using opposite Beijing Bewinner and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner 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.| Beijing Bewinner vs. Bosera CMSK Industrial | Beijing Bewinner vs. Western Metal Materials | Beijing Bewinner vs. Pengxin International Mining | Beijing Bewinner vs. Jiangsu Jinling Sports |
| 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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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