Correlation Between Chinese Universe and JCHX Mining
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By analyzing existing cross correlation between Chinese Universe Publishing and JCHX Mining Management, you can compare the effects of market volatilities on Chinese Universe 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 Chinese Universe with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chinese Universe and JCHX Mining.
Diversification Opportunities for Chinese Universe and JCHX Mining
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Chinese and JCHX is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Chinese Universe Publishing 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 Chinese Universe 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 Chinese Universe Publishing 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 Chinese Universe i.e., Chinese Universe and JCHX Mining go up and down completely randomly.
Pair Corralation between Chinese Universe and JCHX Mining
Assuming the 90 days trading horizon Chinese Universe Publishing is expected to under-perform the JCHX Mining. But the stock apears to be less risky and, when comparing its historical volatility, Chinese Universe Publishing is 1.05 times less risky than JCHX Mining. The stock trades about -0.29 of its potential returns per unit of risk. The JCHX Mining Management is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest 4,089 in JCHX Mining Management on August 29, 2024 and sell it today you would lose (194.00) from holding JCHX Mining Management or give up 4.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chinese Universe Publishing vs. JCHX Mining Management
Performance |
| Timeline |
| Chinese Universe Pub |
| JCHX Mining Management |
Chinese Universe and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chinese Universe and JCHX Mining
The main advantage of trading using opposite Chinese Universe and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chinese Universe 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.| Chinese Universe vs. China State Construction | Chinese Universe vs. Huafa Industrial Co | Chinese Universe vs. China International Capital | Chinese Universe vs. Kweichow Moutai Co |
| 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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