Correlation Between Sunny Loan and JCHX Mining
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By analyzing existing cross correlation between Sunny Loan Top and JCHX Mining Management, you can compare the effects of market volatilities on Sunny Loan 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 Sunny Loan with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and JCHX Mining.
Diversification Opportunities for Sunny Loan and JCHX Mining
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sunny and JCHX is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top 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 Sunny Loan 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 Sunny Loan Top 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 Sunny Loan i.e., Sunny Loan and JCHX Mining go up and down completely randomly.
Pair Corralation between Sunny Loan and JCHX Mining
Assuming the 90 days trading horizon Sunny Loan Top is expected to generate 1.43 times more return on investment than JCHX Mining. However, Sunny Loan is 1.43 times more volatile than JCHX Mining Management. It trades about 0.06 of its potential returns per unit of risk. JCHX Mining Management is currently generating about 0.03 per unit of risk. If you would invest 714.00 in Sunny Loan Top on September 2, 2024 and sell it today you would earn a total of 315.00 from holding Sunny Loan Top or generate 44.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. JCHX Mining Management
Performance |
| Timeline |
| Sunny Loan Top |
| JCHX Mining Management |
Sunny Loan and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and JCHX Mining
The main advantage of trading using opposite Sunny Loan and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan 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.| Sunny Loan vs. Ping An Insurance | Sunny Loan vs. GRG Banking Equipment | Sunny Loan vs. Guosheng Financial Holding | Sunny Loan vs. Qilu Bank 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 Global Correlations module to find global opportunities by holding instruments from different markets.
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