Correlation Between Qumei Furniture and JCHX Mining
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By analyzing existing cross correlation between Qumei Furniture Group and JCHX Mining Management, you can compare the effects of market volatilities on Qumei Furniture 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 Qumei Furniture with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qumei Furniture and JCHX Mining.
Diversification Opportunities for Qumei Furniture and JCHX Mining
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Qumei and JCHX is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Qumei Furniture Group 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 Qumei Furniture 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 Qumei Furniture Group 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 Qumei Furniture i.e., Qumei Furniture and JCHX Mining go up and down completely randomly.
Pair Corralation between Qumei Furniture and JCHX Mining
Assuming the 90 days trading horizon Qumei Furniture Group is expected to under-perform the JCHX Mining. In addition to that, Qumei Furniture is 1.22 times more volatile than JCHX Mining Management. It trades about -0.06 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 2,904 in JCHX Mining Management on October 16, 2024 and sell it today you would earn a total of 1,195 from holding JCHX Mining Management or generate 41.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qumei Furniture Group vs. JCHX Mining Management
Performance |
| Timeline |
| Qumei Furniture Group |
| JCHX Mining Management |
Qumei Furniture and JCHX Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qumei Furniture and JCHX Mining
The main advantage of trading using opposite Qumei Furniture and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qumei Furniture 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.| Qumei Furniture vs. Cultural Investment Holdings | Qumei Furniture vs. Western Metal Materials | Qumei Furniture vs. Qingdao Choho Industrial | Qumei Furniture vs. Gem Year Industrial Co |
| JCHX Mining vs. Wuhan Yangtze Communication | JCHX Mining vs. Zoy Home Furnishing | JCHX Mining vs. Qumei Furniture Group | JCHX Mining vs. Easyhome New Retail |
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 CEOs Directory module to screen CEOs from public companies around the world.
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