Correlation Between JCHX Mining and Changchun Engley
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By analyzing existing cross correlation between JCHX Mining Management and Changchun Engley Automobile, you can compare the effects of market volatilities on JCHX Mining and Changchun Engley 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 Changchun Engley. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Changchun Engley.
Diversification Opportunities for JCHX Mining and Changchun Engley
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCHX and Changchun is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Changchun Engley Automobile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun Engley Aut 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 Changchun Engley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun Engley Aut has no effect on the direction of JCHX Mining i.e., JCHX Mining and Changchun Engley go up and down completely randomly.
Pair Corralation between JCHX Mining and Changchun Engley
Assuming the 90 days trading horizon JCHX Mining is expected to generate 8.1 times less return on investment than Changchun Engley. In addition to that, JCHX Mining is 1.07 times more volatile than Changchun Engley Automobile. It trades about 0.02 of its total potential returns per unit of risk. Changchun Engley Automobile is currently generating about 0.13 per unit of volatility. If you would invest 332.00 in Changchun Engley Automobile on September 3, 2024 and sell it today you would earn a total of 79.00 from holding Changchun Engley Automobile or generate 23.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Changchun Engley Automobile
Performance |
| Timeline |
| JCHX Mining Management |
| Changchun Engley Aut |
JCHX Mining and Changchun Engley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Changchun Engley
The main advantage of trading using opposite JCHX Mining and Changchun Engley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Changchun Engley 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 Changchun Engley will offset losses from the drop in Changchun Engley's long position.| JCHX Mining vs. Offshore Oil Engineering | JCHX Mining vs. Innovative Medical Management | JCHX Mining vs. Harvest Fund Management | JCHX Mining vs. Wuhan Hvsen Biotechnology |
| Changchun Engley vs. JCHX Mining Management | Changchun Engley vs. Iat Automobile Technology | Changchun Engley vs. Chengtun Mining Group | Changchun Engley vs. Hainan Mining Co |
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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