Correlation Between JCHX Mining and Beijing Enlight
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By analyzing existing cross correlation between JCHX Mining Management and Beijing Enlight Media, you can compare the effects of market volatilities on JCHX Mining and Beijing Enlight 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 Enlight. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Beijing Enlight.
Diversification Opportunities for JCHX Mining and Beijing Enlight
-0.36 | Correlation Coefficient |
Very good 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 Enlight Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Enlight Media 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 Enlight. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Enlight Media has no effect on the direction of JCHX Mining i.e., JCHX Mining and Beijing Enlight go up and down completely randomly.
Pair Corralation between JCHX Mining and Beijing Enlight
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.07 times more return on investment than Beijing Enlight. However, JCHX Mining is 1.07 times more volatile than Beijing Enlight Media. It trades about -0.1 of its potential returns per unit of risk. Beijing Enlight Media is currently generating about -0.27 per unit of risk. If you would invest 4,107 in JCHX Mining Management on October 11, 2024 and sell it today you would lose (200.00) from holding JCHX Mining Management or give up 4.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Beijing Enlight Media
Performance |
| Timeline |
| JCHX Mining Management |
| Beijing Enlight Media |
JCHX Mining and Beijing Enlight Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Beijing Enlight
The main advantage of trading using opposite JCHX Mining and Beijing Enlight positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Beijing Enlight 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 Enlight will offset losses from the drop in Beijing Enlight's long position.| JCHX Mining vs. Hangzhou Pinming Software | JCHX Mining vs. China Publishing Media | JCHX Mining vs. Beijing Baolande Software | JCHX Mining vs. Guangzhou Jinyi Media |
| Beijing Enlight vs. Chahua Modern Housewares | Beijing Enlight vs. Ningbo Ligong Online | Beijing Enlight vs. JCHX Mining Management | Beijing Enlight vs. Harvest Fund Management |
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 Managers module to screen money managers from public funds and ETFs managed around the world.
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