Correlation Between JCHX Mining and StarPower Semiconductor
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By analyzing existing cross correlation between JCHX Mining Management and StarPower Semiconductor, you can compare the effects of market volatilities on JCHX Mining and StarPower Semiconductor 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 StarPower Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and StarPower Semiconductor.
Diversification Opportunities for JCHX Mining and StarPower Semiconductor
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCHX and StarPower is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and StarPower Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on StarPower Semiconductor 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 StarPower Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of StarPower Semiconductor has no effect on the direction of JCHX Mining i.e., JCHX Mining and StarPower Semiconductor go up and down completely randomly.
Pair Corralation between JCHX Mining and StarPower Semiconductor
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.06 times more return on investment than StarPower Semiconductor. However, JCHX Mining is 1.06 times more volatile than StarPower Semiconductor. It trades about 0.04 of its potential returns per unit of risk. StarPower Semiconductor is currently generating about -0.24 per unit of risk. If you would invest 3,908 in JCHX Mining Management on October 30, 2024 and sell it today you would earn a total of 83.00 from holding JCHX Mining Management or generate 2.12% 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. StarPower Semiconductor
Performance |
| Timeline |
| JCHX Mining Management |
| StarPower Semiconductor |
JCHX Mining and StarPower Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and StarPower Semiconductor
The main advantage of trading using opposite JCHX Mining and StarPower Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, StarPower Semiconductor 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 StarPower Semiconductor will offset losses from the drop in StarPower Semiconductor'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 |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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