Correlation Between JCHX Mining and China Molybdenum
Specify exactly 2 symbols:
By analyzing existing cross correlation between JCHX Mining Management and China Molybdenum Co, you can compare the effects of market volatilities on JCHX Mining and China Molybdenum 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 China Molybdenum. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and China Molybdenum.
Diversification Opportunities for JCHX Mining and China Molybdenum
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JCHX and China is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and China Molybdenum Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Molybdenum 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 China Molybdenum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Molybdenum has no effect on the direction of JCHX Mining i.e., JCHX Mining and China Molybdenum go up and down completely randomly.
Pair Corralation between JCHX Mining and China Molybdenum
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.28 times more return on investment than China Molybdenum. However, JCHX Mining is 1.28 times more volatile than China Molybdenum Co. It trades about 0.06 of its potential returns per unit of risk. China Molybdenum Co is currently generating about 0.02 per unit of risk. If you would invest 3,635 in JCHX Mining Management on October 18, 2024 and sell it today you would earn a total of 383.00 from holding JCHX Mining Management or generate 10.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. China Molybdenum Co
Performance |
| Timeline |
| JCHX Mining Management |
| China Molybdenum |
JCHX Mining and China Molybdenum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and China Molybdenum
The main advantage of trading using opposite JCHX Mining and China Molybdenum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, China Molybdenum 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 China Molybdenum will offset losses from the drop in China Molybdenum's long position.| JCHX Mining vs. Shenzhen Bioeasy Biotechnology | JCHX Mining vs. Fuda Alloy Materials | JCHX Mining vs. Fujian Wanchen Biotechnology | JCHX Mining vs. Guangdong Marubi Biotechnology |
| China Molybdenum vs. Uroica Mining Safety | China Molybdenum vs. Guangdong Silvere Sci | China Molybdenum vs. Jinlong Machinery Electronic | China Molybdenum vs. JCHX Mining Management |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |