Correlation Between JCHX Mining and State Grid
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By analyzing existing cross correlation between JCHX Mining Management and State Grid InformationCommunication, you can compare the effects of market volatilities on JCHX Mining and State Grid 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 State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and State Grid.
Diversification Opportunities for JCHX Mining and State Grid
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and State is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati 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 State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of JCHX Mining i.e., JCHX Mining and State Grid go up and down completely randomly.
Pair Corralation between JCHX Mining and State Grid
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the State Grid. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 1.6 times less risky than State Grid. The stock trades about -0.03 of its potential returns per unit of risk. The State Grid InformationCommunication is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,040 in State Grid InformationCommunication on September 1, 2024 and sell it today you would earn a total of 182.00 from holding State Grid InformationCommunication or generate 8.92% 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. State Grid InformationCommunic
Performance |
| Timeline |
| JCHX Mining Management |
| State Grid Informati |
JCHX Mining and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and State Grid
The main advantage of trading using opposite JCHX Mining and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid'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 |
| State Grid vs. Guangzhou KingTeller Technology | State Grid vs. Aofu Environmental Technology | State Grid vs. Guangdong Liantai Environmental | State Grid vs. Hubei Forbon 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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