Correlation Between JCHX Mining and China Railway
Specify exactly 2 symbols:
By analyzing existing cross correlation between JCHX Mining Management and China Railway Construction, you can compare the effects of market volatilities on JCHX Mining and China Railway 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 Railway. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and China Railway.
Diversification Opportunities for JCHX Mining and China Railway
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between JCHX and China is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and China Railway Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Railway Constr 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 Railway. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Railway Constr has no effect on the direction of JCHX Mining i.e., JCHX Mining and China Railway go up and down completely randomly.
Pair Corralation between JCHX Mining and China Railway
Assuming the 90 days trading horizon JCHX Mining Management is expected to generate 1.99 times more return on investment than China Railway. However, JCHX Mining is 1.99 times more volatile than China Railway Construction. It trades about 0.1 of its potential returns per unit of risk. China Railway Construction is currently generating about 0.12 per unit of risk. If you would invest 3,941 in JCHX Mining Management on December 8, 2024 and sell it today you would earn a total of 189.00 from holding JCHX Mining Management or generate 4.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JCHX Mining Management vs. China Railway Construction
Performance |
| Timeline |
| JCHX Mining Management |
| China Railway Constr |
JCHX Mining and China Railway Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JCHX Mining and China Railway
The main advantage of trading using opposite JCHX Mining and China Railway positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, China Railway 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 Railway will offset losses from the drop in China Railway's long position.| JCHX Mining vs. Henan Shuanghui Investment | ||
| JCHX Mining vs. Kunwu Jiuding Investment | ||
| JCHX Mining vs. Nsfocus Information Technology | ||
| JCHX Mining vs. Dhc Software Co |
| China Railway vs. Henan Shuanghui Investment | ||
| China Railway vs. Zhejiang Publishing Media | ||
| China Railway vs. Time Publishing and | ||
| China Railway vs. Jiangsu Phoenix Publishing |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |