Correlation Between GRG Banking and JCHX Mining
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By analyzing existing cross correlation between GRG Banking Equipment and JCHX Mining Management, you can compare the effects of market volatilities on GRG Banking 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 GRG Banking with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and JCHX Mining.
Diversification Opportunities for GRG Banking and JCHX Mining
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between GRG and JCHX is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment 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 GRG Banking 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 GRG Banking Equipment 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 GRG Banking i.e., GRG Banking and JCHX Mining go up and down completely randomly.
Pair Corralation between GRG Banking and JCHX Mining
Assuming the 90 days trading horizon GRG Banking Equipment is expected to under-perform the JCHX Mining. But the stock apears to be less risky and, when comparing its historical volatility, GRG Banking Equipment is 1.06 times less risky than JCHX Mining. The stock trades about -0.44 of its potential returns per unit of risk. The JCHX Mining Management is currently generating about -0.19 of returns per unit of risk over similar time horizon. If you would invest 4,254 in JCHX Mining Management on October 12, 2024 and sell it today you would lose (347.00) from holding JCHX Mining Management or give up 8.16% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. JCHX Mining Management
Performance |
| Timeline |
| GRG Banking Equipment |
| JCHX Mining Management |
GRG Banking and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and JCHX Mining
The main advantage of trading using opposite GRG Banking and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking 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.| GRG Banking vs. Sunwave Communications Co | GRG Banking vs. China Sports Industry | GRG Banking vs. Shanghai Yaoji Playing | GRG Banking vs. Guangzhou Dongfang Hotel |
| JCHX Mining vs. Guosheng Financial Holding | JCHX Mining vs. Anhui Jianghuai Automobile | JCHX Mining vs. Agricultural Bank of | JCHX Mining vs. GRG Banking Equipment |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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