Correlation Between JCHX Mining and Nanjing OLO
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By analyzing existing cross correlation between JCHX Mining Management and Nanjing OLO Home, you can compare the effects of market volatilities on JCHX Mining and Nanjing OLO 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 Nanjing OLO. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Nanjing OLO.
Diversification Opportunities for JCHX Mining and Nanjing OLO
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and Nanjing is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Nanjing OLO Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing OLO Home 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 Nanjing OLO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing OLO Home has no effect on the direction of JCHX Mining i.e., JCHX Mining and Nanjing OLO go up and down completely randomly.
Pair Corralation between JCHX Mining and Nanjing OLO
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.89 times more return on investment than Nanjing OLO. However, JCHX Mining Management is 1.12 times less risky than Nanjing OLO. It trades about 0.2 of its potential returns per unit of risk. Nanjing OLO Home is currently generating about 0.07 per unit of risk. If you would invest 3,695 in JCHX Mining Management on October 30, 2024 and sell it today you would earn a total of 296.00 from holding JCHX Mining Management or generate 8.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. Nanjing OLO Home
Performance |
| Timeline |
| JCHX Mining Management |
| Nanjing OLO Home |
JCHX Mining and Nanjing OLO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Nanjing OLO
The main advantage of trading using opposite JCHX Mining and Nanjing OLO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Nanjing OLO 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 Nanjing OLO will offset losses from the drop in Nanjing OLO'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 |
| Nanjing OLO vs. Shenzhen Centralcon Investment | Nanjing OLO vs. Sanbo Hospital Management | Nanjing OLO vs. Harbin Air Conditioning | Nanjing OLO vs. China Eastern Airlines |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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