Correlation Between JCHX Mining and ZJBC Information
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By analyzing existing cross correlation between JCHX Mining Management and ZJBC Information Technology, you can compare the effects of market volatilities on JCHX Mining and ZJBC Information 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 ZJBC Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and ZJBC Information.
Diversification Opportunities for JCHX Mining and ZJBC Information
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JCHX and ZJBC is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and ZJBC Information Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZJBC Information Tec 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 ZJBC Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZJBC Information Tec has no effect on the direction of JCHX Mining i.e., JCHX Mining and ZJBC Information go up and down completely randomly.
Pair Corralation between JCHX Mining and ZJBC Information
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.79 times more return on investment than ZJBC Information. However, JCHX Mining Management is 1.26 times less risky than ZJBC Information. It trades about 0.04 of its potential returns per unit of risk. ZJBC Information Technology is currently generating about 0.03 per unit of risk. If you would invest 2,904 in JCHX Mining Management on October 15, 2024 and sell it today you would earn a total of 1,042 from holding JCHX Mining Management or generate 35.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. ZJBC Information Technology
Performance |
| Timeline |
| JCHX Mining Management |
| ZJBC Information Tec |
JCHX Mining and ZJBC Information Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and ZJBC Information
The main advantage of trading using opposite JCHX Mining and ZJBC Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, ZJBC Information 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 ZJBC Information will offset losses from the drop in ZJBC Information's long position.| JCHX Mining vs. Wuhan Yangtze Communication | JCHX Mining vs. Zoy Home Furnishing | JCHX Mining vs. Qumei Furniture Group | JCHX Mining vs. Easyhome New Retail |
| ZJBC Information vs. Shaanxi Meineng Clean | ZJBC Information vs. Guangzhou Seagull Kitchen | ZJBC Information vs. Suzhou Industrial Park | ZJBC Information vs. Universal Scientific Industrial |
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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