Correlation Between JCHX Mining and China Mobile
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By analyzing existing cross correlation between JCHX Mining Management and China Mobile Limited, you can compare the effects of market volatilities on JCHX Mining and China Mobile 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 China Mobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and China Mobile.
Diversification Opportunities for JCHX Mining and China Mobile
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JCHX and China is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and China Mobile Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Mobile Limited 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 China Mobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Mobile Limited has no effect on the direction of JCHX Mining i.e., JCHX Mining and China Mobile go up and down completely randomly.
Pair Corralation between JCHX Mining and China Mobile
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.76 times more return on investment than China Mobile. However, JCHX Mining is 1.76 times more volatile than China Mobile Limited. It trades about 0.03 of its potential returns per unit of risk. China Mobile Limited is currently generating about 0.03 per unit of risk. If you would invest 3,473 in JCHX Mining Management on October 16, 2024 and sell it today you would earn a total of 612.00 from holding JCHX Mining Management or generate 17.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. China Mobile Limited
Performance |
| Timeline |
| JCHX Mining Management |
| China Mobile Limited |
JCHX Mining and China Mobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and China Mobile
The main advantage of trading using opposite JCHX Mining and China Mobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, China Mobile 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 China Mobile will offset losses from the drop in China Mobile's long position.| JCHX Mining vs. Xinjiang Tianrun Dairy | JCHX Mining vs. Guotai Epoint Software | JCHX Mining vs. Jiangxi Sunshine Dairy | JCHX Mining vs. Yankershop Food Co |
| China Mobile vs. Shanghai Material Trading | China Mobile vs. ButOne Information Corp | China Mobile vs. Hygon Information Technology | China Mobile vs. Zhongfu Information |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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