Correlation Between Eastern Air and JCHX Mining
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By analyzing existing cross correlation between Eastern Air Logistics and JCHX Mining Management, you can compare the effects of market volatilities on Eastern 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 Eastern Air with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastern Air and JCHX Mining.
Diversification Opportunities for Eastern Air and JCHX Mining
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Eastern and JCHX is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Eastern Air Logistics 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 Eastern 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 Eastern Air Logistics 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 Eastern Air i.e., Eastern Air and JCHX Mining go up and down completely randomly.
Pair Corralation between Eastern Air and JCHX Mining
Assuming the 90 days trading horizon Eastern Air Logistics is expected to under-perform the JCHX Mining. In addition to that, Eastern Air is 1.59 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 0.26 per unit of volatility. If you would invest 3,660 in JCHX Mining Management on November 4, 2024 and sell it today you would earn a total of 331.00 from holding JCHX Mining Management or generate 9.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastern Air Logistics vs. JCHX Mining Management
Performance |
| Timeline |
| Eastern Air Logistics |
| JCHX Mining Management |
Eastern Air and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastern Air and JCHX Mining
The main advantage of trading using opposite Eastern Air and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastern 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.| Eastern Air vs. Shandong Publishing Media | Eastern Air vs. Harbin Air Conditioning | Eastern Air vs. Guangdong Qunxing Toys | Eastern Air vs. Shenzhen Noposion Agrochemicals |
| JCHX Mining vs. Chahua Modern Housewares | JCHX Mining vs. Wuxi Double Elephant | JCHX Mining vs. Jiangsu Jinling Sports | JCHX Mining vs. Shuhua Sports Co |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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