Correlation Between JCHX Mining and Shanghai Rongtai
Specify exactly 2 symbols:
By analyzing existing cross correlation between JCHX Mining Management and Shanghai Rongtai Health, you can compare the effects of market volatilities on JCHX Mining and Shanghai Rongtai 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 Shanghai Rongtai. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Shanghai Rongtai.
Diversification Opportunities for JCHX Mining and Shanghai Rongtai
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between JCHX and Shanghai is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Shanghai Rongtai Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Rongtai Health 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 Shanghai Rongtai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Rongtai Health has no effect on the direction of JCHX Mining i.e., JCHX Mining and Shanghai Rongtai go up and down completely randomly.
Pair Corralation between JCHX Mining and Shanghai Rongtai
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Shanghai Rongtai. In addition to that, JCHX Mining is 1.08 times more volatile than Shanghai Rongtai Health. It trades about -0.06 of its total potential returns per unit of risk. Shanghai Rongtai Health is currently generating about 0.13 per unit of volatility. If you would invest 1,268 in Shanghai Rongtai Health on September 24, 2024 and sell it today you would earn a total of 272.00 from holding Shanghai Rongtai Health or generate 21.45% 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. Shanghai Rongtai Health
Performance |
Timeline |
JCHX Mining Management |
Shanghai Rongtai Health |
JCHX Mining and Shanghai Rongtai Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JCHX Mining and Shanghai Rongtai
The main advantage of trading using opposite JCHX Mining and Shanghai Rongtai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Shanghai Rongtai 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 Shanghai Rongtai will offset losses from the drop in Shanghai Rongtai'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 |
Shanghai Rongtai vs. Shenzhen Noposion Agrochemicals | Shanghai Rongtai vs. Wintao Communications Co | Shanghai Rongtai vs. Guangdong Shenglu Telecommunication | Shanghai Rongtai vs. Xilong Chemical Co |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
Bonds Directory Find actively traded corporate debentures issued by US companies | |
Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
Equity Valuation Check real value of public entities based on technical and fundamental data |