Correlation Between Fuda Alloy and JCHX Mining
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By analyzing existing cross correlation between Fuda Alloy Materials and JCHX Mining Management, you can compare the effects of market volatilities on Fuda Alloy 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 Fuda Alloy with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fuda Alloy and JCHX Mining.
Diversification Opportunities for Fuda Alloy and JCHX Mining
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Fuda and JCHX is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Fuda Alloy Materials 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 Fuda Alloy 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 Fuda Alloy Materials 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 Fuda Alloy i.e., Fuda Alloy and JCHX Mining go up and down completely randomly.
Pair Corralation between Fuda Alloy and JCHX Mining
Assuming the 90 days trading horizon Fuda Alloy Materials is expected to generate 1.86 times more return on investment than JCHX Mining. However, Fuda Alloy is 1.86 times more volatile than JCHX Mining Management. It trades about 0.11 of its potential returns per unit of risk. JCHX Mining Management is currently generating about 0.04 per unit of risk. If you would invest 1,361 in Fuda Alloy Materials on October 17, 2024 and sell it today you would earn a total of 104.00 from holding Fuda Alloy Materials or generate 7.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fuda Alloy Materials vs. JCHX Mining Management
Performance |
| Timeline |
| Fuda Alloy Materials |
| JCHX Mining Management |
Fuda Alloy and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fuda Alloy and JCHX Mining
The main advantage of trading using opposite Fuda Alloy and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fuda Alloy 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.| Fuda Alloy vs. Guangzhou Haozhi Industrial | Fuda Alloy vs. Hengli Industrial Development | Fuda Alloy vs. Rising Nonferrous Metals | Fuda Alloy vs. Ziel Home Furnishing |
| JCHX Mining vs. Shenzhen Bioeasy Biotechnology | JCHX Mining vs. Fuda Alloy Materials | JCHX Mining vs. Fujian Wanchen Biotechnology | JCHX Mining vs. Guangdong Marubi 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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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