Correlation Between JCHX Mining and Shenzhen Inovance
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By analyzing existing cross correlation between JCHX Mining Management and Shenzhen Inovance Tech, you can compare the effects of market volatilities on JCHX Mining and Shenzhen Inovance 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 Inovance. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Shenzhen Inovance.
Diversification Opportunities for JCHX Mining and Shenzhen Inovance
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JCHX and Shenzhen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Shenzhen Inovance Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Inovance Tech 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 Inovance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Inovance Tech has no effect on the direction of JCHX Mining i.e., JCHX Mining and Shenzhen Inovance go up and down completely randomly.
Pair Corralation between JCHX Mining and Shenzhen Inovance
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.01 times more return on investment than Shenzhen Inovance. However, JCHX Mining is 1.01 times more volatile than Shenzhen Inovance Tech. It trades about 0.04 of its potential returns per unit of risk. Shenzhen Inovance Tech is currently generating about 0.0 per unit of risk. If you would invest 2,662 in JCHX Mining Management on September 28, 2024 and sell it today you would earn a total of 1,118 from holding JCHX Mining Management or generate 42.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
JCHX Mining Management vs. Shenzhen Inovance Tech
Performance |
| Timeline |
| JCHX Mining Management |
| Shenzhen Inovance Tech |
JCHX Mining and Shenzhen Inovance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Shenzhen Inovance
The main advantage of trading using opposite JCHX Mining and Shenzhen Inovance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Shenzhen Inovance 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 Inovance will offset losses from the drop in Shenzhen Inovance'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 |
| Shenzhen Inovance vs. BeiGene | Shenzhen Inovance vs. Kweichow Moutai Co | Shenzhen Inovance vs. Beijing Roborock Technology | Shenzhen Inovance vs. G bits Network Technology |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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