Correlation Between JCHX Mining and Wuhan Yangtze
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By analyzing existing cross correlation between JCHX Mining Management and Wuhan Yangtze Communication, you can compare the effects of market volatilities on JCHX Mining and Wuhan Yangtze 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 Wuhan Yangtze. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Wuhan Yangtze.
Diversification Opportunities for JCHX Mining and Wuhan Yangtze
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JCHX and Wuhan is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Wuhan Yangtze Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuhan Yangtze Commun 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 Wuhan Yangtze. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuhan Yangtze Commun has no effect on the direction of JCHX Mining i.e., JCHX Mining and Wuhan Yangtze go up and down completely randomly.
Pair Corralation between JCHX Mining and Wuhan Yangtze
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.61 times more return on investment than Wuhan Yangtze. However, JCHX Mining Management is 1.64 times less risky than Wuhan Yangtze. It trades about 0.04 of its potential returns per unit of risk. Wuhan Yangtze Communication is currently generating about -0.26 per unit of risk. If you would invest 3,967 in JCHX Mining Management on October 17, 2024 and sell it today you would earn a total of 51.00 from holding JCHX Mining Management or generate 1.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Wuhan Yangtze Communication
Performance |
| Timeline |
| JCHX Mining Management |
| Wuhan Yangtze Commun |
JCHX Mining and Wuhan Yangtze Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Wuhan Yangtze
The main advantage of trading using opposite JCHX Mining and Wuhan Yangtze positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Wuhan Yangtze 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 Wuhan Yangtze will offset losses from the drop in Wuhan Yangtze's long position.| JCHX Mining vs. Shenzhen Bioeasy Biotechnology | JCHX Mining vs. Fuda Alloy Materials | JCHX Mining vs. Fujian Wanchen Biotechnology | JCHX Mining vs. Guangdong Marubi Biotechnology |
| Wuhan Yangtze vs. Shenwu Energy Saving | Wuhan Yangtze vs. China Everbright Bank | Wuhan Yangtze vs. Metro Investment Development | Wuhan Yangtze vs. Nuode Investment Co |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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