Correlation Between Bus Online and JCHX Mining
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By analyzing existing cross correlation between Bus Online Co and JCHX Mining Management, you can compare the effects of market volatilities on Bus Online 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 Bus Online with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and JCHX Mining.
Diversification Opportunities for Bus Online and JCHX Mining
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Bus and JCHX is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online 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 Bus Online 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 Bus Online 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 Bus Online i.e., Bus Online and JCHX Mining go up and down completely randomly.
Pair Corralation between Bus Online and JCHX Mining
Assuming the 90 days trading horizon Bus Online Co is expected to under-perform the JCHX Mining. In addition to that, Bus Online is 2.26 times more volatile than JCHX Mining Management. It trades about -0.17 of its total potential returns per unit of risk. JCHX Mining Management is currently generating about -0.1 per unit of volatility. If you would invest 4,107 in JCHX Mining Management on October 11, 2024 and sell it today you would lose (200.00) from holding JCHX Mining Management or give up 4.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. JCHX Mining Management
Performance |
| Timeline |
| Bus Online |
| JCHX Mining Management |
Bus Online and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and JCHX Mining
The main advantage of trading using opposite Bus Online and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online 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.| Bus Online vs. Henan Shuanghui Investment | Bus Online vs. Tieling Newcity Investment | Bus Online vs. Guangdong Jingyi Metal | Bus Online vs. Beijing HuaYuanYiTong Thermal |
| JCHX Mining vs. Hangzhou Pinming Software | JCHX Mining vs. China Publishing Media | JCHX Mining vs. Beijing Baolande Software | JCHX Mining vs. Guangzhou Jinyi Media |
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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