Correlation Between Nanjing Putian and JCHX Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Nanjing Putian Telecommunications and JCHX Mining Management, you can compare the effects of market volatilities on Nanjing Putian 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 Nanjing Putian with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nanjing Putian and JCHX Mining.
Diversification Opportunities for Nanjing Putian and JCHX Mining
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Nanjing and JCHX is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Nanjing Putian Telecommunicati 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 Nanjing Putian 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 Nanjing Putian Telecommunications 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 Nanjing Putian i.e., Nanjing Putian and JCHX Mining go up and down completely randomly.
Pair Corralation between Nanjing Putian and JCHX Mining
Assuming the 90 days trading horizon Nanjing Putian Telecommunications is expected to generate 1.42 times more return on investment than JCHX Mining. However, Nanjing Putian is 1.42 times more volatile than JCHX Mining Management. It trades about 0.04 of its potential returns per unit of risk. JCHX Mining Management is currently generating about 0.06 per unit of risk. If you would invest 308.00 in Nanjing Putian Telecommunications on August 28, 2024 and sell it today you would earn a total of 142.00 from holding Nanjing Putian Telecommunications or generate 46.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nanjing Putian Telecommunicati vs. JCHX Mining Management
Performance |
| Timeline |
| Nanjing Putian Telec |
| JCHX Mining Management |
Nanjing Putian and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nanjing Putian and JCHX Mining
The main advantage of trading using opposite Nanjing Putian and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nanjing Putian 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.| Nanjing Putian vs. Shenzhen MYS Environmental | Nanjing Putian vs. AVIC Fund Management | Nanjing Putian vs. Shenzhen Bingchuan Network | Nanjing Putian vs. Penghua Shenzhen Energy |
| 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |