Correlation Between JCHX Mining and Beijing Kaiwen
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By analyzing existing cross correlation between JCHX Mining Management and Beijing Kaiwen Education, you can compare the effects of market volatilities on JCHX Mining and Beijing Kaiwen 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 Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Beijing Kaiwen.
Diversification Opportunities for JCHX Mining and Beijing Kaiwen
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCHX and Beijing is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education 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 Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of JCHX Mining i.e., JCHX Mining and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between JCHX Mining and Beijing Kaiwen
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Beijing Kaiwen. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 1.45 times less risky than Beijing Kaiwen. The stock trades about -0.1 of its potential returns per unit of risk. The Beijing Kaiwen Education is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 447.00 in Beijing Kaiwen Education on November 22, 2024 and sell it today you would earn a total of 54.00 from holding Beijing Kaiwen Education or generate 12.08% 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. Beijing Kaiwen Education
Performance |
| Timeline |
| JCHX Mining Management |
| Beijing Kaiwen Education |
JCHX Mining and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Beijing Kaiwen
The main advantage of trading using opposite JCHX Mining and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| JCHX Mining vs. Jiangxi Sunshine Dairy | JCHX Mining vs. JuneYao Dairy Co | JCHX Mining vs. Baoding Dongli Machinery | JCHX Mining vs. Gan Yuan Foods |
| Beijing Kaiwen vs. Hengerda New Materials | Beijing Kaiwen vs. Suzhou Xingye Material | Beijing Kaiwen vs. Gifore Agricultural Machinery | Beijing Kaiwen vs. China Building Material |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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