Correlation Between JCHX Mining and Haima Automobile
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By analyzing existing cross correlation between JCHX Mining Management and Haima Automobile Group, you can compare the effects of market volatilities on JCHX Mining and Haima Automobile 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 JCHX Mining with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Haima Automobile.
Diversification Opportunities for JCHX Mining and Haima Automobile
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between JCHX and Haima is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and JCHX Mining 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 JCHX Mining Management are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of JCHX Mining i.e., JCHX Mining and Haima Automobile go up and down completely randomly.
Pair Corralation between JCHX Mining and Haima Automobile
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.66 times more return on investment than Haima Automobile. However, JCHX Mining Management is 1.5 times less risky than Haima Automobile. It trades about 0.04 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.34 per unit of risk. If you would invest 3,967 in JCHX Mining Management on October 17, 2024 and sell it today you would earn a total of 51.00 from holding JCHX Mining Management or generate 1.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Haima Automobile Group
Performance |
| Timeline |
| JCHX Mining Management |
| Haima Automobile |
JCHX Mining and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Haima Automobile
The main advantage of trading using opposite JCHX Mining and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| JCHX Mining vs. Shenzhen Bioeasy Biotechnology | JCHX Mining vs. Fuda Alloy Materials | JCHX Mining vs. Fujian Wanchen Biotechnology | JCHX Mining vs. Guangdong Marubi Biotechnology |
| Haima Automobile vs. Jonjee Hi tech Industrial | Haima Automobile vs. Tongyu Communication | Haima Automobile vs. JCHX Mining Management | Haima Automobile vs. Jiangxi Naipu Mining |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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