Correlation Between JCHX Mining and Sanbo Hospital
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By analyzing existing cross correlation between JCHX Mining Management and Sanbo Hospital Management, you can compare the effects of market volatilities on JCHX Mining and Sanbo Hospital 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 Sanbo Hospital. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Sanbo Hospital.
Diversification Opportunities for JCHX Mining and Sanbo Hospital
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCHX and Sanbo is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Sanbo Hospital Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sanbo Hospital Management 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 Sanbo Hospital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sanbo Hospital Management has no effect on the direction of JCHX Mining i.e., JCHX Mining and Sanbo Hospital go up and down completely randomly.
Pair Corralation between JCHX Mining and Sanbo Hospital
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.72 times more return on investment than Sanbo Hospital. However, JCHX Mining Management is 1.38 times less risky than Sanbo Hospital. It trades about 0.03 of its potential returns per unit of risk. Sanbo Hospital Management is currently generating about 0.01 per unit of risk. If you would invest 3,615 in JCHX Mining Management on August 25, 2024 and sell it today you would earn a total of 375.00 from holding JCHX Mining Management or generate 10.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Sanbo Hospital Management
Performance |
| Timeline |
| JCHX Mining Management |
| Sanbo Hospital Management |
JCHX Mining and Sanbo Hospital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Sanbo Hospital
The main advantage of trading using opposite JCHX Mining and Sanbo Hospital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Sanbo Hospital 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 Sanbo Hospital will offset losses from the drop in Sanbo Hospital's long position.| JCHX Mining vs. Chinese Universe Publishing | JCHX Mining vs. Kuangda Technology Group | JCHX Mining vs. Sinofibers Technology Co | JCHX Mining vs. Shandong Publishing Media |
| Sanbo Hospital vs. Ming Yang Smart | Sanbo Hospital vs. 159681 | Sanbo Hospital vs. 159005 | Sanbo Hospital vs. Loctek Ergonomic 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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