Correlation Between JCHX Mining and Zhejiang Publishing
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By analyzing existing cross correlation between JCHX Mining Management and Zhejiang Publishing Media, you can compare the effects of market volatilities on JCHX Mining and Zhejiang Publishing 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 Zhejiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Zhejiang Publishing.
Diversification Opportunities for JCHX Mining and Zhejiang Publishing
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JCHX and Zhejiang is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Zhejiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Publishing Media 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 Zhejiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Publishing Media has no effect on the direction of JCHX Mining i.e., JCHX Mining and Zhejiang Publishing go up and down completely randomly.
Pair Corralation between JCHX Mining and Zhejiang Publishing
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Zhejiang Publishing. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 1.1 times less risky than Zhejiang Publishing. The stock trades about -0.11 of its potential returns per unit of risk. The Zhejiang Publishing Media is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 789.00 in Zhejiang Publishing Media on September 20, 2024 and sell it today you would earn a total of 60.00 from holding Zhejiang Publishing Media or generate 7.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Zhejiang Publishing Media
Performance |
| Timeline |
| JCHX Mining Management |
| Zhejiang Publishing Media |
JCHX Mining and Zhejiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Zhejiang Publishing
The main advantage of trading using opposite JCHX Mining and Zhejiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Zhejiang Publishing 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 Zhejiang Publishing will offset losses from the drop in Zhejiang Publishing'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 |
| Zhejiang Publishing vs. Western Mining Co | Zhejiang Publishing vs. JCHX Mining Management | Zhejiang Publishing vs. Do Fluoride Chemicals Co | Zhejiang Publishing vs. Daoming OpticsChemical 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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