Correlation Between JCHX Mining and CICC Fund
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By analyzing existing cross correlation between JCHX Mining Management and CICC Fund Management, you can compare the effects of market volatilities on JCHX Mining and CICC Fund 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 CICC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and CICC Fund.
Diversification Opportunities for JCHX Mining and CICC Fund
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JCHX and CICC is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and CICC Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CICC Fund 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 CICC Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CICC Fund Management has no effect on the direction of JCHX Mining i.e., JCHX Mining and CICC Fund go up and down completely randomly.
Pair Corralation between JCHX Mining and CICC Fund
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the CICC Fund. In addition to that, JCHX Mining is 3.41 times more volatile than CICC Fund Management. It trades about -0.07 of its total potential returns per unit of risk. CICC Fund Management is currently generating about 0.17 per unit of volatility. If you would invest 314.00 in CICC Fund Management on August 29, 2024 and sell it today you would earn a total of 9.00 from holding CICC Fund Management or generate 2.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. CICC Fund Management
Performance |
| Timeline |
| JCHX Mining Management |
| CICC Fund Management |
JCHX Mining and CICC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and CICC Fund
The main advantage of trading using opposite JCHX Mining and CICC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, CICC Fund 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 CICC Fund will offset losses from the drop in CICC Fund'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 |
| CICC Fund vs. Industrial and Commercial | CICC Fund vs. Kweichow Moutai Co | CICC Fund vs. Agricultural Bank of | CICC Fund vs. China Mobile Limited |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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