Correlation Between JCHX Mining and Chengdu Spaceon
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By analyzing existing cross correlation between JCHX Mining Management and Chengdu Spaceon Electronics, you can compare the effects of market volatilities on JCHX Mining and Chengdu Spaceon 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 Chengdu Spaceon. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Chengdu Spaceon.
Diversification Opportunities for JCHX Mining and Chengdu Spaceon
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JCHX and Chengdu is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Chengdu Spaceon Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu Spaceon Elec 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 Chengdu Spaceon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu Spaceon Elec has no effect on the direction of JCHX Mining i.e., JCHX Mining and Chengdu Spaceon go up and down completely randomly.
Pair Corralation between JCHX Mining and Chengdu Spaceon
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Chengdu Spaceon. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 1.16 times less risky than Chengdu Spaceon. The stock trades about -0.05 of its potential returns per unit of risk. The Chengdu Spaceon Electronics is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,311 in Chengdu Spaceon Electronics on August 25, 2024 and sell it today you would earn a total of 206.00 from holding Chengdu Spaceon Electronics or generate 15.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Chengdu Spaceon Electronics
Performance |
| Timeline |
| JCHX Mining Management |
| Chengdu Spaceon Elec |
JCHX Mining and Chengdu Spaceon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Chengdu Spaceon
The main advantage of trading using opposite JCHX Mining and Chengdu Spaceon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Chengdu Spaceon 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 Chengdu Spaceon will offset losses from the drop in Chengdu Spaceon's long position.| JCHX Mining vs. Chinese Universe Publishing | JCHX Mining vs. Kuangda Technology Group | JCHX Mining vs. Sinofibers Technology Co | JCHX Mining vs. Shandong Publishing Media |
| Chengdu Spaceon vs. UE Furniture Co | Chengdu Spaceon vs. Ningbo MedicalSystem Biotechnology | Chengdu Spaceon vs. Shandong Homey Aquatic | Chengdu Spaceon vs. Der International Home |
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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