Correlation Between JCHX Mining and Air China
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By analyzing existing cross correlation between JCHX Mining Management and Air China Ltd, you can compare the effects of market volatilities on JCHX Mining and Air China 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 Air China. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Air China.
Diversification Opportunities for JCHX Mining and Air China
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between JCHX and Air is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Air China Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Air China 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 Air China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Air China has no effect on the direction of JCHX Mining i.e., JCHX Mining and Air China go up and down completely randomly.
Pair Corralation between JCHX Mining and Air China
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.88 times more return on investment than Air China. However, JCHX Mining Management is 1.14 times less risky than Air China. It trades about 0.32 of its potential returns per unit of risk. Air China Ltd is currently generating about -0.07 per unit of risk. If you would invest 3,562 in JCHX Mining Management on November 3, 2024 and sell it today you would earn a total of 429.00 from holding JCHX Mining Management or generate 12.04% 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. Air China Ltd
Performance |
| Timeline |
| JCHX Mining Management |
| Air China |
JCHX Mining and Air China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Air China
The main advantage of trading using opposite JCHX Mining and Air China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Air China 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 Air China will offset losses from the drop in Air China's long position.| JCHX Mining vs. Tianjin Ruixin Technology | JCHX Mining vs. Tangel Publishing | JCHX Mining vs. COL Digital Publishing | JCHX Mining vs. Northking Information Technology |
| Air China vs. Zhongrun Resources Investment | Air China vs. Anji Foodstuff Co | Air China vs. Hunan Investment Group | Air China vs. V V Food |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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