Correlation Between JCHX Mining and CSSC Offshore
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By analyzing existing cross correlation between JCHX Mining Management and CSSC Offshore Marine, you can compare the effects of market volatilities on JCHX Mining and CSSC Offshore 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 CSSC Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and CSSC Offshore.
Diversification Opportunities for JCHX Mining and CSSC Offshore
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JCHX and CSSC is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and CSSC Offshore Marine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSSC Offshore Marine 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 CSSC Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSSC Offshore Marine has no effect on the direction of JCHX Mining i.e., JCHX Mining and CSSC Offshore go up and down completely randomly.
Pair Corralation between JCHX Mining and CSSC Offshore
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the CSSC Offshore. In addition to that, JCHX Mining is 1.32 times more volatile than CSSC Offshore Marine. It trades about -0.19 of its total potential returns per unit of risk. CSSC Offshore Marine is currently generating about -0.23 per unit of volatility. If you would invest 2,473 in CSSC Offshore Marine on October 12, 2024 and sell it today you would lose (182.00) from holding CSSC Offshore Marine or give up 7.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. CSSC Offshore Marine
Performance |
| Timeline |
| JCHX Mining Management |
| CSSC Offshore Marine |
JCHX Mining and CSSC Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and CSSC Offshore
The main advantage of trading using opposite JCHX Mining and CSSC Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, CSSC Offshore 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 CSSC Offshore will offset losses from the drop in CSSC Offshore's long position.| JCHX Mining vs. Guosheng Financial Holding | JCHX Mining vs. Anhui Jianghuai Automobile | JCHX Mining vs. Agricultural Bank of | JCHX Mining vs. GRG Banking Equipment |
| CSSC Offshore vs. Chengdu Kanghua Biological | CSSC Offshore vs. Beijing Wantai Biological | CSSC Offshore vs. Suzhou Novoprotein Scientific | CSSC Offshore vs. Aluminum Corp 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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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