Correlation Between Heilongjiang Transport and JCHX Mining
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By analyzing existing cross correlation between Heilongjiang Transport Development and JCHX Mining Management, you can compare the effects of market volatilities on Heilongjiang Transport 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 Heilongjiang Transport with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Transport and JCHX Mining.
Diversification Opportunities for Heilongjiang Transport and JCHX Mining
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Heilongjiang and JCHX is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Transport Develop 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 Heilongjiang Transport 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 Heilongjiang Transport Development 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 Heilongjiang Transport i.e., Heilongjiang Transport and JCHX Mining go up and down completely randomly.
Pair Corralation between Heilongjiang Transport and JCHX Mining
Assuming the 90 days trading horizon Heilongjiang Transport is expected to generate 1.04 times less return on investment than JCHX Mining. In addition to that, Heilongjiang Transport is 1.29 times more volatile than JCHX Mining Management. It trades about 0.03 of its total potential returns per unit of risk. JCHX Mining Management is currently generating about 0.04 per unit of volatility. If you would invest 2,774 in JCHX Mining Management on September 3, 2024 and sell it today you would earn a total of 1,134 from holding JCHX Mining Management or generate 40.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Heilongjiang Transport Develop vs. JCHX Mining Management
Performance |
| Timeline |
| Heilongjiang Transport |
| JCHX Mining Management |
Heilongjiang Transport and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Transport and JCHX Mining
The main advantage of trading using opposite Heilongjiang Transport and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Transport 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.| Heilongjiang Transport vs. Cultural Investment Holdings | Heilongjiang Transport vs. Gome Telecom Equipment | Heilongjiang Transport vs. Bus Online Co | Heilongjiang Transport 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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