Correlation Between JCHX Mining and GuoChuang Software
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By analyzing existing cross correlation between JCHX Mining Management and GuoChuang Software Co, you can compare the effects of market volatilities on JCHX Mining and GuoChuang Software 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 GuoChuang Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and GuoChuang Software.
Diversification Opportunities for JCHX Mining and GuoChuang Software
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and GuoChuang is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and GuoChuang Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GuoChuang Software 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 GuoChuang Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GuoChuang Software has no effect on the direction of JCHX Mining i.e., JCHX Mining and GuoChuang Software go up and down completely randomly.
Pair Corralation between JCHX Mining and GuoChuang Software
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the GuoChuang Software. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 1.99 times less risky than GuoChuang Software. The stock trades about -0.11 of its potential returns per unit of risk. The GuoChuang Software Co is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,482 in GuoChuang Software Co on September 4, 2024 and sell it today you would earn a total of 192.00 from holding GuoChuang Software Co or generate 7.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. GuoChuang Software Co
Performance |
| Timeline |
| JCHX Mining Management |
| GuoChuang Software |
JCHX Mining and GuoChuang Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and GuoChuang Software
The main advantage of trading using opposite JCHX Mining and GuoChuang Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, GuoChuang Software 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 GuoChuang Software will offset losses from the drop in GuoChuang Software'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 |
| GuoChuang Software vs. Jiangxi Naipu Mining | GuoChuang Software vs. Chenzhou Jingui Silver | GuoChuang Software vs. Hainan Mining Co | GuoChuang Software vs. JCHX Mining 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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