Correlation Between JCHX Mining and Dow Jones
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By analyzing existing cross correlation between JCHX Mining Management and Dow Jones Industrial, you can compare the effects of market volatilities on JCHX Mining and Dow Jones 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 Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Dow Jones.
Diversification Opportunities for JCHX Mining and Dow Jones
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between JCHX and Dow is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial 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 Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of JCHX Mining i.e., JCHX Mining and Dow Jones go up and down completely randomly.
Pair Corralation between JCHX Mining and Dow Jones
Assuming the 90 days trading horizon JCHX Mining is expected to generate 443.0 times less return on investment than Dow Jones. In addition to that, JCHX Mining is 4.38 times more volatile than Dow Jones Industrial. It trades about 0.0 of its total potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.17 per unit of volatility. If you would invest 4,133,505 in Dow Jones Industrial on August 29, 2024 and sell it today you would earn a total of 352,526 from holding Dow Jones Industrial or generate 8.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
JCHX Mining Management vs. Dow Jones Industrial
Performance |
| Timeline |
JCHX Mining and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
JCHX Mining Management
Pair trading matchups for JCHX Mining
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with JCHX Mining and Dow Jones
The main advantage of trading using opposite JCHX Mining and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' 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 |
| Dow Jones vs. CECO Environmental Corp | Dow Jones vs. Western Acquisition Ventures | Dow Jones vs. Tyson Foods | Dow Jones vs. Inflection Point Acquisition |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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