Correlation Between JCHX Mining and Linewell Software
Specify exactly 2 symbols:
By analyzing existing cross correlation between JCHX Mining Management and Linewell Software Co, you can compare the effects of market volatilities on JCHX Mining and Linewell Software 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 Linewell Software. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Linewell Software.
Diversification Opportunities for JCHX Mining and Linewell Software
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCHX and Linewell is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Linewell Software Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Linewell Software 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 Linewell Software. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Linewell Software has no effect on the direction of JCHX Mining i.e., JCHX Mining and Linewell Software go up and down completely randomly.
Pair Corralation between JCHX Mining and Linewell Software
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Linewell Software. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 1.57 times less risky than Linewell Software. The stock trades about -0.02 of its potential returns per unit of risk. The Linewell Software Co is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,135 in Linewell Software Co on August 28, 2024 and sell it today you would lose (6.00) from holding Linewell Software Co or give up 0.53% 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. Linewell Software Co
Performance |
| Timeline |
| JCHX Mining Management |
| Linewell Software |
JCHX Mining and Linewell Software Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Linewell Software
The main advantage of trading using opposite JCHX Mining and Linewell Software positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Linewell Software 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 Linewell Software will offset losses from the drop in Linewell Software'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 |
| Linewell Software vs. Kunshan Guoli Electronic | Linewell Software vs. Bomin Electronics Co | Linewell Software vs. Xiangyang Automobile Bearing | Linewell Software vs. Changchun Faway Automobile |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |