Correlation Between JCHX Mining and Nuode Investment
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By analyzing existing cross correlation between JCHX Mining Management and Nuode Investment Co, you can compare the effects of market volatilities on JCHX Mining and Nuode Investment 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 Nuode Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Nuode Investment.
Diversification Opportunities for JCHX Mining and Nuode Investment
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and Nuode is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Nuode Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuode 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 Nuode Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuode Investment has no effect on the direction of JCHX Mining i.e., JCHX Mining and Nuode Investment go up and down completely randomly.
Pair Corralation between JCHX Mining and Nuode Investment
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.04 times more return on investment than Nuode Investment. However, JCHX Mining is 1.04 times more volatile than Nuode Investment Co. It trades about 0.15 of its potential returns per unit of risk. Nuode Investment Co is currently generating about -0.18 per unit of risk. If you would invest 3,800 in JCHX Mining Management on October 26, 2024 and sell it today you would earn a total of 226.00 from holding JCHX Mining Management or generate 5.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Nuode Investment Co
Performance |
| Timeline |
| JCHX Mining Management |
| Nuode Investment |
JCHX Mining and Nuode Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Nuode Investment
The main advantage of trading using opposite JCHX Mining and Nuode Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Nuode Investment 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 Nuode Investment will offset losses from the drop in Nuode Investment'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 |
| Nuode Investment vs. Industrial and Commercial | Nuode Investment vs. China Construction Bank | Nuode Investment vs. Bank of China | Nuode Investment vs. Agricultural Bank of |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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