Correlation Between JCHX Mining and Tianjin Capital
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By analyzing existing cross correlation between JCHX Mining Management and Tianjin Capital Environmental, you can compare the effects of market volatilities on JCHX Mining and Tianjin Capital 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 Tianjin Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Tianjin Capital.
Diversification Opportunities for JCHX Mining and Tianjin Capital
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and Tianjin is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Tianjin Capital Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Capital Envi 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 Tianjin Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Capital Envi has no effect on the direction of JCHX Mining i.e., JCHX Mining and Tianjin Capital go up and down completely randomly.
Pair Corralation between JCHX Mining and Tianjin Capital
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.68 times more return on investment than Tianjin Capital. However, JCHX Mining is 1.68 times more volatile than Tianjin Capital Environmental. It trades about 0.2 of its potential returns per unit of risk. Tianjin Capital Environmental is currently generating about -0.23 per unit of risk. If you would invest 3,695 in JCHX Mining Management on October 30, 2024 and sell it today you would earn a total of 296.00 from holding JCHX Mining Management or generate 8.01% 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. Tianjin Capital Environmental
Performance |
| Timeline |
| JCHX Mining Management |
| Tianjin Capital Envi |
JCHX Mining and Tianjin Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Tianjin Capital
The main advantage of trading using opposite JCHX Mining and Tianjin Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Tianjin Capital 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 Tianjin Capital will offset losses from the drop in Tianjin Capital'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 |
| Tianjin Capital vs. Anhui Jianghuai Automobile | Tianjin Capital vs. Shandong Polymer Biochemicals | Tianjin Capital vs. Jiangsu Phoenix Publishing | Tianjin Capital vs. Changjiang Publishing Media |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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