Correlation Between Shaanxi Broadcast and JCHX Mining
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By analyzing existing cross correlation between Shaanxi Broadcast TV and JCHX Mining Management, you can compare the effects of market volatilities on Shaanxi Broadcast and JCHX Mining 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 Shaanxi Broadcast with a short position of JCHX Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shaanxi Broadcast and JCHX Mining.
Diversification Opportunities for Shaanxi Broadcast and JCHX Mining
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shaanxi and JCHX is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Shaanxi Broadcast TV and JCHX Mining Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JCHX Mining Management and Shaanxi Broadcast 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 Shaanxi Broadcast TV are associated (or correlated) with JCHX Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JCHX Mining Management has no effect on the direction of Shaanxi Broadcast i.e., Shaanxi Broadcast and JCHX Mining go up and down completely randomly.
Pair Corralation between Shaanxi Broadcast and JCHX Mining
Assuming the 90 days trading horizon Shaanxi Broadcast TV is expected to generate 1.55 times more return on investment than JCHX Mining. However, Shaanxi Broadcast is 1.55 times more volatile than JCHX Mining Management. It trades about 0.1 of its potential returns per unit of risk. JCHX Mining Management is currently generating about -0.12 per unit of risk. If you would invest 267.00 in Shaanxi Broadcast TV on September 25, 2024 and sell it today you would earn a total of 13.00 from holding Shaanxi Broadcast TV or generate 4.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Shaanxi Broadcast TV vs. JCHX Mining Management
Performance |
Timeline |
Shaanxi Broadcast |
JCHX Mining Management |
Shaanxi Broadcast and JCHX Mining Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Shaanxi Broadcast and JCHX Mining
The main advantage of trading using opposite Shaanxi Broadcast and JCHX Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shaanxi Broadcast position performs unexpectedly, JCHX Mining 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 JCHX Mining will offset losses from the drop in JCHX Mining's long position.Shaanxi Broadcast vs. Industrial and Commercial | Shaanxi Broadcast vs. Kweichow Moutai Co | Shaanxi Broadcast vs. Agricultural Bank of | Shaanxi Broadcast vs. China Mobile Limited |
JCHX Mining vs. Zijin Mining Group | JCHX Mining vs. Wanhua Chemical Group | JCHX Mining vs. Baoshan Iron Steel | JCHX Mining vs. Shandong Gold Mining |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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