Correlation Between JCHX Mining and Beijing Seeyon
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By analyzing existing cross correlation between JCHX Mining Management and Beijing Seeyon Internet, you can compare the effects of market volatilities on JCHX Mining and Beijing Seeyon 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 Beijing Seeyon. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Beijing Seeyon.
Diversification Opportunities for JCHX Mining and Beijing Seeyon
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between JCHX and Beijing is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Beijing Seeyon Internet in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Seeyon Internet 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 Beijing Seeyon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Seeyon Internet has no effect on the direction of JCHX Mining i.e., JCHX Mining and Beijing Seeyon go up and down completely randomly.
Pair Corralation between JCHX Mining and Beijing Seeyon
Assuming the 90 days trading horizon JCHX Mining is expected to generate 8.42 times less return on investment than Beijing Seeyon. But when comparing it to its historical volatility, JCHX Mining Management is 2.67 times less risky than Beijing Seeyon. It trades about 0.15 of its potential returns per unit of risk. Beijing Seeyon Internet is currently generating about 0.48 of returns per unit of risk over similar time horizon. If you would invest 1,700 in Beijing Seeyon Internet on November 5, 2024 and sell it today you would earn a total of 664.00 from holding Beijing Seeyon Internet or generate 39.06% 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. Beijing Seeyon Internet
Performance |
| Timeline |
| JCHX Mining Management |
| Beijing Seeyon Internet |
JCHX Mining and Beijing Seeyon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and Beijing Seeyon
The main advantage of trading using opposite JCHX Mining and Beijing Seeyon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Beijing Seeyon 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 Beijing Seeyon will offset losses from the drop in Beijing Seeyon's long position.| JCHX Mining vs. Xinjiang Communications Construction | JCHX Mining vs. TianJin 712 Communication | JCHX Mining vs. CICT Mobile Communication | JCHX Mining vs. Xizi Clean Energy |
| Beijing Seeyon vs. Industrial and Commercial | Beijing Seeyon vs. China Construction Bank | Beijing Seeyon vs. Agricultural Bank of | Beijing Seeyon vs. Bank of China |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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