Correlation Between Wuhan Hvsen and JCHX Mining
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By analyzing existing cross correlation between Wuhan Hvsen Biotechnology and JCHX Mining Management, you can compare the effects of market volatilities on Wuhan Hvsen 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 Wuhan Hvsen with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wuhan Hvsen and JCHX Mining.
Diversification Opportunities for Wuhan Hvsen and JCHX Mining
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Wuhan and JCHX is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Wuhan Hvsen Biotechnology 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 Wuhan Hvsen 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 Wuhan Hvsen Biotechnology 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 Wuhan Hvsen i.e., Wuhan Hvsen and JCHX Mining go up and down completely randomly.
Pair Corralation between Wuhan Hvsen and JCHX Mining
Assuming the 90 days trading horizon Wuhan Hvsen Biotechnology is expected to generate 1.13 times more return on investment than JCHX Mining. However, Wuhan Hvsen is 1.13 times more volatile than JCHX Mining Management. It trades about 0.2 of its potential returns per unit of risk. JCHX Mining Management is currently generating about 0.02 per unit of risk. If you would invest 843.00 in Wuhan Hvsen Biotechnology on September 3, 2024 and sell it today you would earn a total of 406.00 from holding Wuhan Hvsen Biotechnology or generate 48.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wuhan Hvsen Biotechnology vs. JCHX Mining Management
Performance |
| Timeline |
| Wuhan Hvsen Biotechnology |
| JCHX Mining Management |
Wuhan Hvsen and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wuhan Hvsen and JCHX Mining
The main advantage of trading using opposite Wuhan Hvsen and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wuhan Hvsen 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.| Wuhan Hvsen vs. Chengdu Kanghua Biological | Wuhan Hvsen vs. Beijing Wantai Biological | Wuhan Hvsen vs. Suzhou Novoprotein Scientific | Wuhan Hvsen vs. Aluminum Corp of |
| JCHX Mining vs. Offshore Oil Engineering | JCHX Mining vs. Innovative Medical Management | JCHX Mining vs. Harvest Fund Management | JCHX Mining vs. Wuhan Hvsen Biotechnology |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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