Correlation Between Broadex Technologies and JCHX Mining
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By analyzing existing cross correlation between Broadex Technologies Co and JCHX Mining Management, you can compare the effects of market volatilities on Broadex Technologies 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 Broadex Technologies with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Broadex Technologies and JCHX Mining.
Diversification Opportunities for Broadex Technologies and JCHX Mining
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Broadex and JCHX is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Broadex Technologies 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 Broadex Technologies 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 Broadex Technologies 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 Broadex Technologies i.e., Broadex Technologies and JCHX Mining go up and down completely randomly.
Pair Corralation between Broadex Technologies and JCHX Mining
Assuming the 90 days trading horizon Broadex Technologies is expected to generate 1.52 times less return on investment than JCHX Mining. In addition to that, Broadex Technologies is 1.64 times more volatile than JCHX Mining Management. It trades about 0.01 of its total potential returns per unit of risk. JCHX Mining Management is currently generating about 0.03 per unit of volatility. If you would invest 3,615 in JCHX Mining Management on August 25, 2024 and sell it today you would earn a total of 375.00 from holding JCHX Mining Management or generate 10.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Broadex Technologies Co vs. JCHX Mining Management
Performance |
| Timeline |
| Broadex Technologies |
| JCHX Mining Management |
Broadex Technologies and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Broadex Technologies and JCHX Mining
The main advantage of trading using opposite Broadex Technologies and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Broadex Technologies 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.| Broadex Technologies vs. Kweichow Moutai Co | Broadex Technologies vs. Shenzhen Mindray Bio Medical | Broadex Technologies vs. Jiangsu Pacific Quartz | Broadex Technologies vs. G bits Network Technology |
| JCHX Mining vs. Chinese Universe Publishing | JCHX Mining vs. Kuangda Technology Group | JCHX Mining vs. Sinofibers Technology Co | JCHX Mining vs. Shandong Publishing 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 Valuation module to check real value of public entities based on technical and fundamental data.
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