Correlation Between JCHX Mining and Gifore Agricultural
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By analyzing existing cross correlation between JCHX Mining Management and Gifore Agricultural Machinery, you can compare the effects of market volatilities on JCHX Mining and Gifore Agricultural 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 Gifore Agricultural. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Gifore Agricultural.
Diversification Opportunities for JCHX Mining and Gifore Agricultural
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JCHX and Gifore is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Gifore Agricultural Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gifore Agricultural 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 Gifore Agricultural. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gifore Agricultural has no effect on the direction of JCHX Mining i.e., JCHX Mining and Gifore Agricultural go up and down completely randomly.
Pair Corralation between JCHX Mining and Gifore Agricultural
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Gifore Agricultural. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 2.15 times less risky than Gifore Agricultural. The stock trades about -0.11 of its potential returns per unit of risk. The Gifore Agricultural Machinery is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 476.00 in Gifore Agricultural Machinery on September 28, 2024 and sell it today you would earn a total of 40.00 from holding Gifore Agricultural Machinery or generate 8.4% 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. Gifore Agricultural Machinery
Performance |
| Timeline |
| JCHX Mining Management |
| Gifore Agricultural |
JCHX Mining and Gifore Agricultural Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Gifore Agricultural
The main advantage of trading using opposite JCHX Mining and Gifore Agricultural positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Gifore Agricultural 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 Gifore Agricultural will offset losses from the drop in Gifore Agricultural's long position.| JCHX Mining vs. Yunnan Copper Co | JCHX Mining vs. Huaxia Fund Management | JCHX Mining vs. China Asset Management | JCHX Mining vs. Hainan Airlines Co |
| Gifore Agricultural vs. Hengdian Entertainment Co | Gifore Agricultural vs. Oppein Home Group | Gifore Agricultural vs. Guangdong Jinma Entertainment | Gifore Agricultural vs. Mengtian Home Group |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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