Correlation Between Kuang Chi and JCHX Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Kuang Chi Technologies and JCHX Mining Management, you can compare the effects of market volatilities on Kuang Chi 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 Kuang Chi with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kuang Chi and JCHX Mining.
Diversification Opportunities for Kuang Chi and JCHX Mining
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Kuang and JCHX is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Kuang Chi Technologies 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 Kuang Chi 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 Kuang Chi Technologies 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 Kuang Chi i.e., Kuang Chi and JCHX Mining go up and down completely randomly.
Pair Corralation between Kuang Chi and JCHX Mining
Assuming the 90 days trading horizon Kuang Chi is expected to generate 1.31 times less return on investment than JCHX Mining. In addition to that, Kuang Chi is 1.77 times more volatile than JCHX Mining Management. It trades about 0.07 of its total potential returns per unit of risk. JCHX Mining Management is currently generating about 0.15 per unit of volatility. If you would invest 3,838 in JCHX Mining Management on November 5, 2024 and sell it today you would earn a total of 153.00 from holding JCHX Mining Management or generate 3.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kuang Chi Technologies vs. JCHX Mining Management
Performance |
| Timeline |
| Kuang Chi Technologies |
| JCHX Mining Management |
Kuang Chi and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kuang Chi and JCHX Mining
The main advantage of trading using opposite Kuang Chi and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kuang Chi 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.| Kuang Chi vs. Holitech Technology Co | Kuang Chi vs. ROPEOK Technology Group | Kuang Chi vs. Qiaoyin Environmental Tech | Kuang Chi vs. Fujian Nanwang Environment |
| JCHX Mining vs. Xinjiang Communications Construction | JCHX Mining vs. TianJin 712 Communication | JCHX Mining vs. CICT Mobile Communication | JCHX Mining vs. Xizi Clean Energy |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |