Correlation Between JCHX Mining and Sino Medical
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By analyzing existing cross correlation between JCHX Mining Management and Sino Medical Sciences, you can compare the effects of market volatilities on JCHX Mining and Sino Medical 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 Sino Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Sino Medical.
Diversification Opportunities for JCHX Mining and Sino Medical
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCHX and Sino is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Sino Medical Sciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Medical Sciences 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 Sino Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Medical Sciences has no effect on the direction of JCHX Mining i.e., JCHX Mining and Sino Medical go up and down completely randomly.
Pair Corralation between JCHX Mining and Sino Medical
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Sino Medical. But the stock apears to be less risky and, when comparing its historical volatility, JCHX Mining Management is 1.88 times less risky than Sino Medical. The stock trades about -0.03 of its potential returns per unit of risk. The Sino Medical Sciences is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 959.00 in Sino Medical Sciences on September 1, 2024 and sell it today you would earn a total of 127.00 from holding Sino Medical Sciences or generate 13.24% 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. Sino Medical Sciences
Performance |
| Timeline |
| JCHX Mining Management |
| Sino Medical Sciences |
JCHX Mining and Sino Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Sino Medical
The main advantage of trading using opposite JCHX Mining and Sino Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Sino Medical 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 Sino Medical will offset losses from the drop in Sino Medical'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 |
| Sino Medical vs. Nanjing Putian Telecommunications | Sino Medical vs. Shenzhen Hifuture Electric | Sino Medical vs. Tianjin Realty Development | Sino Medical vs. Shenyang Huitian Thermal |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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