Correlation Between JCHX Mining and Anyang Iron
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By analyzing existing cross correlation between JCHX Mining Management and Anyang Iron Steel, you can compare the effects of market volatilities on JCHX Mining and Anyang Iron 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 Anyang Iron. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Anyang Iron.
Diversification Opportunities for JCHX Mining and Anyang Iron
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and Anyang is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Anyang Iron Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anyang Iron Steel 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 Anyang Iron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anyang Iron Steel has no effect on the direction of JCHX Mining i.e., JCHX Mining and Anyang Iron go up and down completely randomly.
Pair Corralation between JCHX Mining and Anyang Iron
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.26 times more return on investment than Anyang Iron. However, JCHX Mining is 1.26 times more volatile than Anyang Iron Steel. It trades about 0.22 of its potential returns per unit of risk. Anyang Iron Steel is currently generating about -0.29 per unit of risk. If you would invest 3,695 in JCHX Mining Management on October 29, 2024 and sell it today you would earn a total of 329.00 from holding JCHX Mining Management or generate 8.9% 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. Anyang Iron Steel
Performance |
| Timeline |
| JCHX Mining Management |
| Anyang Iron Steel |
JCHX Mining and Anyang Iron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Anyang Iron
The main advantage of trading using opposite JCHX Mining and Anyang Iron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Anyang Iron 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 Anyang Iron will offset losses from the drop in Anyang Iron's long position.| JCHX Mining vs. Shuhua Sports Co | JCHX Mining vs. Beijing Jiaman Dress | JCHX Mining vs. Sichuan Fulin Transportation | JCHX Mining vs. Fujian Longzhou Transportation |
| Anyang Iron vs. Zijin Mining Group | Anyang Iron vs. Wanhua Chemical Group | Anyang Iron vs. Baoshan Iron Steel | Anyang Iron vs. Shandong Gold Mining |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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