Correlation Between JCHX Mining and Shenzhen Glory
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By analyzing existing cross correlation between JCHX Mining Management and Shenzhen Glory Medical, you can compare the effects of market volatilities on JCHX Mining and Shenzhen Glory 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 Shenzhen Glory. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Shenzhen Glory.
Diversification Opportunities for JCHX Mining and Shenzhen Glory
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JCHX and Shenzhen is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Shenzhen Glory Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Glory Medical 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 Shenzhen Glory. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Glory Medical has no effect on the direction of JCHX Mining i.e., JCHX Mining and Shenzhen Glory go up and down completely randomly.
Pair Corralation between JCHX Mining and Shenzhen Glory
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Shenzhen Glory. In addition to that, JCHX Mining is 1.04 times more volatile than Shenzhen Glory Medical. It trades about -0.07 of its total potential returns per unit of risk. Shenzhen Glory Medical is currently generating about 0.03 per unit of volatility. If you would invest 329.00 in Shenzhen Glory Medical on August 29, 2024 and sell it today you would earn a total of 4.00 from holding Shenzhen Glory Medical or generate 1.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Shenzhen Glory Medical
Performance |
| Timeline |
| JCHX Mining Management |
| Shenzhen Glory Medical |
JCHX Mining and Shenzhen Glory Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Shenzhen Glory
The main advantage of trading using opposite JCHX Mining and Shenzhen Glory positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Shenzhen Glory 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 Shenzhen Glory will offset losses from the drop in Shenzhen Glory's long position.| JCHX Mining vs. Beijing Kaiwen Education | JCHX Mining vs. Ningxia Younglight Chemicals | JCHX Mining vs. Eastroc Beverage Group | JCHX Mining vs. Qtone Education Group |
| Shenzhen Glory vs. PetroChina Co Ltd | Shenzhen Glory vs. China State Construction | Shenzhen Glory vs. China Mobile Limited | Shenzhen Glory vs. Industrial and Commercial |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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