Correlation Between Harbin Air and JCHX Mining
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By analyzing existing cross correlation between Harbin Air Conditioning and JCHX Mining Management, you can compare the effects of market volatilities on Harbin Air 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 Harbin Air with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Air and JCHX Mining.
Diversification Opportunities for Harbin Air and JCHX Mining
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harbin and JCHX is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Air Conditioning 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 Harbin Air 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 Harbin Air Conditioning 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 Harbin Air i.e., Harbin Air and JCHX Mining go up and down completely randomly.
Pair Corralation between Harbin Air and JCHX Mining
Assuming the 90 days trading horizon Harbin Air Conditioning is expected to generate 0.86 times more return on investment than JCHX Mining. However, Harbin Air Conditioning is 1.17 times less risky than JCHX Mining. It trades about 0.16 of its potential returns per unit of risk. JCHX Mining Management is currently generating about -0.13 per unit of risk. If you would invest 467.00 in Harbin Air Conditioning on September 3, 2024 and sell it today you would earn a total of 31.00 from holding Harbin Air Conditioning or generate 6.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Air Conditioning vs. JCHX Mining Management
Performance |
| Timeline |
| Harbin Air Conditioning |
| JCHX Mining Management |
Harbin Air and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Air and JCHX Mining
The main advantage of trading using opposite Harbin Air and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Air 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.| Harbin Air vs. Cultural Investment Holdings | Harbin Air vs. Gome Telecom Equipment | Harbin Air vs. Bus Online Co | Harbin Air vs. Holitech Technology Co |
| 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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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