Correlation Between JCHX Mining and Hoshine Silicon
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By analyzing existing cross correlation between JCHX Mining Management and Hoshine Silicon Ind, you can compare the effects of market volatilities on JCHX Mining and Hoshine Silicon 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 Hoshine Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Hoshine Silicon.
Diversification Opportunities for JCHX Mining and Hoshine Silicon
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JCHX and Hoshine is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Hoshine Silicon Ind in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hoshine Silicon Ind 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 Hoshine Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hoshine Silicon Ind has no effect on the direction of JCHX Mining i.e., JCHX Mining and Hoshine Silicon go up and down completely randomly.
Pair Corralation between JCHX Mining and Hoshine Silicon
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Hoshine Silicon. In addition to that, JCHX Mining is 1.47 times more volatile than Hoshine Silicon Ind. It trades about -0.08 of its total potential returns per unit of risk. Hoshine Silicon Ind is currently generating about -0.05 per unit of volatility. If you would invest 5,940 in Hoshine Silicon Ind on August 31, 2024 and sell it today you would lose (122.00) from holding Hoshine Silicon Ind or give up 2.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Hoshine Silicon Ind
Performance |
| Timeline |
| JCHX Mining Management |
| Hoshine Silicon Ind |
JCHX Mining and Hoshine Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Hoshine Silicon
The main advantage of trading using opposite JCHX Mining and Hoshine Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Hoshine Silicon 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 Hoshine Silicon will offset losses from the drop in Hoshine Silicon's long position.| JCHX Mining vs. Xinjiang Tianrun Dairy | JCHX Mining vs. Yankershop Food Co | JCHX Mining vs. Sunny Loan Top | JCHX Mining vs. Oriental Times Media |
| Hoshine Silicon vs. ROPEOK Technology Group | Hoshine Silicon vs. Maxvision Technology Corp | Hoshine Silicon vs. Soyea Technology Co | Hoshine Silicon vs. Holitech Technology 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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