Correlation Between JCHX Mining and BrightGene Bio
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By analyzing existing cross correlation between JCHX Mining Management and BrightGene Bio Medical, you can compare the effects of market volatilities on JCHX Mining and BrightGene Bio 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 BrightGene Bio. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and BrightGene Bio.
Diversification Opportunities for JCHX Mining and BrightGene Bio
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and BrightGene is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and BrightGene Bio Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BrightGene Bio Medical 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 BrightGene Bio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BrightGene Bio Medical has no effect on the direction of JCHX Mining i.e., JCHX Mining and BrightGene Bio go up and down completely randomly.
Pair Corralation between JCHX Mining and BrightGene Bio
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 0.75 times more return on investment than BrightGene Bio. However, JCHX Mining Management is 1.33 times less risky than BrightGene Bio. It trades about 0.04 of its potential returns per unit of risk. BrightGene Bio Medical is currently generating about -0.02 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 | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. BrightGene Bio Medical
Performance |
| Timeline |
| JCHX Mining Management |
| BrightGene Bio Medical |
JCHX Mining and BrightGene Bio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and BrightGene Bio
The main advantage of trading using opposite JCHX Mining and BrightGene Bio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, BrightGene Bio 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 BrightGene Bio will offset losses from the drop in BrightGene Bio'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 |
| BrightGene Bio vs. Guangzhou Dongfang Hotel | BrightGene Bio vs. Tianshui Huatian Technology | BrightGene Bio vs. Jiujiang Shanshui Technology | BrightGene Bio vs. Jiangsu Financial Leasing |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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