Correlation Between Gifore Agricultural and JCHX Mining
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gifore Agricultural Machinery and JCHX Mining Management, you can compare the effects of market volatilities on Gifore Agricultural 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 Gifore Agricultural with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gifore Agricultural and JCHX Mining.
Diversification Opportunities for Gifore Agricultural and JCHX Mining
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Gifore and JCHX is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Gifore Agricultural Machinery 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 Gifore Agricultural 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 Gifore Agricultural Machinery 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 Gifore Agricultural i.e., Gifore Agricultural and JCHX Mining go up and down completely randomly.
Pair Corralation between Gifore Agricultural and JCHX Mining
Assuming the 90 days trading horizon Gifore Agricultural Machinery is expected to generate 2.15 times more return on investment than JCHX Mining. However, Gifore Agricultural is 2.15 times more volatile than JCHX Mining Management. It trades about 0.12 of its potential returns per unit of risk. JCHX Mining Management is currently generating about -0.11 per unit of risk. If you would invest 476.00 in Gifore Agricultural Machinery on September 28, 2024 and sell it today you would earn a total of 40.00 from holding Gifore Agricultural Machinery or generate 8.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gifore Agricultural Machinery vs. JCHX Mining Management
Performance |
| Timeline |
| Gifore Agricultural |
| JCHX Mining Management |
Gifore Agricultural and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gifore Agricultural and JCHX Mining
The main advantage of trading using opposite Gifore Agricultural and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gifore Agricultural 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.| Gifore Agricultural vs. Hengdian Entertainment Co | Gifore Agricultural vs. Oppein Home Group | Gifore Agricultural vs. Guangdong Jinma Entertainment | Gifore Agricultural vs. Mengtian Home Group |
| JCHX Mining vs. Yunnan Copper Co | JCHX Mining vs. Huaxia Fund Management | JCHX Mining vs. China Asset Management | JCHX Mining vs. Hainan Airlines Co |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |