Correlation Between JCHX Mining and Kunwu Jiuding
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By analyzing existing cross correlation between JCHX Mining Management and Kunwu Jiuding Investment, you can compare the effects of market volatilities on JCHX Mining and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Kunwu Jiuding.
Diversification Opportunities for JCHX Mining and Kunwu Jiuding
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JCHX and Kunwu is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of JCHX Mining i.e., JCHX Mining and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between JCHX Mining and Kunwu Jiuding
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.55 times more return on investment than Kunwu Jiuding. However, JCHX Mining Management is 1.81 times less risky than Kunwu Jiuding. It trades about 0.15 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about -0.04 per unit of risk. If you would invest 3,887 in JCHX Mining Management on October 25, 2024 and sell it today you would earn a total of 243.00 from holding JCHX Mining Management or generate 6.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Kunwu Jiuding Investment
Performance |
| Timeline |
| JCHX Mining Management |
| Kunwu Jiuding Investment |
JCHX Mining and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Kunwu Jiuding
The main advantage of trading using opposite JCHX Mining and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| JCHX Mining vs. Harbin Air Conditioning | JCHX Mining vs. Eastern Air Logistics | JCHX Mining vs. Shandong Publishing Media | JCHX Mining vs. Anhui Transport Consulting |
| Kunwu Jiuding vs. Gansu Jiu Steel | Kunwu Jiuding vs. Ming Yang Smart | Kunwu Jiuding vs. Aba Chemicals Corp | Kunwu Jiuding 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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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