Correlation Between JCHX Mining and Inner Mongolia
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By analyzing existing cross correlation between JCHX Mining Management and Inner Mongolia BaoTou, you can compare the effects of market volatilities on JCHX Mining and Inner Mongolia 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 Inner Mongolia. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Inner Mongolia.
Diversification Opportunities for JCHX Mining and Inner Mongolia
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JCHX and Inner is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Inner Mongolia BaoTou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inner Mongolia BaoTou 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 Inner Mongolia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inner Mongolia BaoTou has no effect on the direction of JCHX Mining i.e., JCHX Mining and Inner Mongolia go up and down completely randomly.
Pair Corralation between JCHX Mining and Inner Mongolia
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.13 times more return on investment than Inner Mongolia. However, JCHX Mining is 1.13 times more volatile than Inner Mongolia BaoTou. It trades about -0.05 of its potential returns per unit of risk. Inner Mongolia BaoTou is currently generating about -0.17 per unit of risk. If you would invest 4,304 in JCHX Mining Management on November 6, 2024 and sell it today you would lose (313.00) from holding JCHX Mining Management or give up 7.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Inner Mongolia BaoTou
Performance |
| Timeline |
| JCHX Mining Management |
| Inner Mongolia BaoTou |
JCHX Mining and Inner Mongolia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Inner Mongolia
The main advantage of trading using opposite JCHX Mining and Inner Mongolia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Inner Mongolia 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 Inner Mongolia will offset losses from the drop in Inner Mongolia's long position.| JCHX Mining vs. Semiconductor Manufacturing Intl | JCHX Mining vs. Will Semiconductor Co | JCHX Mining vs. Hubei Tech Semiconductors | JCHX Mining vs. Chongqing Changan Automobile |
| Inner Mongolia vs. Southchip Semiconductor Technology | Inner Mongolia vs. Guangdong Jingyi Metal | Inner Mongolia vs. Chongqing Shunbo Aluminum | Inner Mongolia vs. Huizhou Speed Wireless |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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