Correlation Between JCHX Mining and China Asset
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By analyzing existing cross correlation between JCHX Mining Management and China Asset Management, you can compare the effects of market volatilities on JCHX Mining and China Asset 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 China Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and China Asset.
Diversification Opportunities for JCHX Mining and China Asset
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between JCHX and China is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and China Asset Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Asset 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 China Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Asset Management has no effect on the direction of JCHX Mining i.e., JCHX Mining and China Asset go up and down completely randomly.
Pair Corralation between JCHX Mining and China Asset
Assuming the 90 days trading horizon JCHX Mining is expected to generate 1.33 times less return on investment than China Asset. In addition to that, JCHX Mining is 1.92 times more volatile than China Asset Management. It trades about 0.08 of its total potential returns per unit of risk. China Asset Management is currently generating about 0.2 per unit of volatility. If you would invest 323.00 in China Asset Management on September 13, 2024 and sell it today you would earn a total of 18.00 from holding China Asset Management or generate 5.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
JCHX Mining Management vs. China Asset Management
Performance |
| Timeline |
| JCHX Mining Management |
| China Asset Management |
JCHX Mining and China Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and China Asset
The main advantage of trading using opposite JCHX Mining and China Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, China Asset 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 China Asset will offset losses from the drop in China Asset'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 |
| China Asset vs. Kweichow Moutai Co | China Asset vs. Agricultural Bank of | China Asset vs. China Mobile Limited | China Asset vs. China Construction Bank |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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