Correlation Between JCHX Mining and Lens Technology
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By analyzing existing cross correlation between JCHX Mining Management and Lens Technology Co, you can compare the effects of market volatilities on JCHX Mining and Lens Technology 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 Lens Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Lens Technology.
Diversification Opportunities for JCHX Mining and Lens Technology
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JCHX and Lens is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Lens Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lens Technology 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 Lens Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lens Technology has no effect on the direction of JCHX Mining i.e., JCHX Mining and Lens Technology go up and down completely randomly.
Pair Corralation between JCHX Mining and Lens Technology
Assuming the 90 days trading horizon JCHX Mining is expected to generate 2.13 times less return on investment than Lens Technology. But when comparing it to its historical volatility, JCHX Mining Management is 2.89 times less risky than Lens Technology. It trades about 0.2 of its potential returns per unit of risk. Lens Technology Co is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,242 in Lens Technology Co on October 30, 2024 and sell it today you would earn a total of 359.00 from holding Lens Technology Co or generate 16.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
JCHX Mining Management vs. Lens Technology Co
Performance |
| Timeline |
| JCHX Mining Management |
| Lens Technology |
JCHX Mining and Lens Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Lens Technology
The main advantage of trading using opposite JCHX Mining and Lens Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Lens Technology 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 Lens Technology will offset losses from the drop in Lens Technology's long position.| JCHX Mining vs. Zijin Mining Group | JCHX Mining vs. Wanhua Chemical Group | JCHX Mining vs. Baoshan Iron Steel | JCHX Mining vs. Shandong Gold Mining |
| Lens Technology vs. Maccura Biotechnology Co | Lens Technology vs. Jiangsu Hoperun Software | Lens Technology vs. Dhc Software Co | Lens Technology vs. Jinhe Biotechnology Co |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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