Correlation Between Qijing Machinery and JCHX Mining
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By analyzing existing cross correlation between Qijing Machinery and JCHX Mining Management, you can compare the effects of market volatilities on Qijing Machinery 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 Qijing Machinery with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qijing Machinery and JCHX Mining.
Diversification Opportunities for Qijing Machinery and JCHX Mining
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Qijing and JCHX is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Qijing Machinery 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 Qijing Machinery 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 Qijing Machinery 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 Qijing Machinery i.e., Qijing Machinery and JCHX Mining go up and down completely randomly.
Pair Corralation between Qijing Machinery and JCHX Mining
Assuming the 90 days trading horizon Qijing Machinery is expected to generate 1.83 times more return on investment than JCHX Mining. However, Qijing Machinery is 1.83 times more volatile than JCHX Mining Management. It trades about -0.04 of its potential returns per unit of risk. JCHX Mining Management is currently generating about -0.11 per unit of risk. If you would invest 1,300 in Qijing Machinery on September 28, 2024 and sell it today you would lose (43.00) from holding Qijing Machinery or give up 3.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qijing Machinery vs. JCHX Mining Management
Performance |
| Timeline |
| Qijing Machinery |
| JCHX Mining Management |
Qijing Machinery and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qijing Machinery and JCHX Mining
The main advantage of trading using opposite Qijing Machinery and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qijing Machinery 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.| Qijing Machinery vs. Industrial and Commercial | Qijing Machinery vs. China Construction Bank | Qijing Machinery vs. Agricultural Bank of | Qijing Machinery vs. Bank of China |
| JCHX Mining vs. Yunnan Copper Co | JCHX Mining vs. Huaxia Fund Management | JCHX Mining vs. China Asset Management | JCHX Mining vs. Hainan Airlines 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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