Correlation Between Beijing Kaiwen and JCHX Mining
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By analyzing existing cross correlation between Beijing Kaiwen Education and JCHX Mining Management, you can compare the effects of market volatilities on Beijing Kaiwen 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 Kaiwen with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kaiwen and JCHX Mining.
Diversification Opportunities for Beijing Kaiwen and JCHX Mining
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beijing and JCHX is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kaiwen Education 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 Kaiwen 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 Kaiwen Education 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 Kaiwen i.e., Beijing Kaiwen and JCHX Mining go up and down completely randomly.
Pair Corralation between Beijing Kaiwen and JCHX Mining
Assuming the 90 days trading horizon Beijing Kaiwen Education is expected to generate 1.45 times more return on investment than JCHX Mining. However, Beijing Kaiwen is 1.45 times more volatile than JCHX Mining Management. It trades about 0.28 of its potential returns per unit of risk. JCHX Mining Management is currently generating about -0.1 per unit of risk. If you would invest 447.00 in Beijing Kaiwen Education on November 22, 2024 and sell it today you would earn a total of 54.00 from holding Beijing Kaiwen Education or generate 12.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kaiwen Education vs. JCHX Mining Management
Performance |
| Timeline |
| Beijing Kaiwen Education |
| JCHX Mining Management |
Beijing Kaiwen and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kaiwen and JCHX Mining
The main advantage of trading using opposite Beijing Kaiwen and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kaiwen 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 Kaiwen vs. Hengerda New Materials | Beijing Kaiwen vs. Suzhou Xingye Material | Beijing Kaiwen vs. Gifore Agricultural Machinery | Beijing Kaiwen vs. China Building Material |
| JCHX Mining vs. Jiangxi Sunshine Dairy | JCHX Mining vs. JuneYao Dairy Co | JCHX Mining vs. Baoding Dongli Machinery | JCHX Mining vs. Gan Yuan Foods |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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