Correlation Between JCHX Mining and Sailun Jinyu
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By analyzing existing cross correlation between JCHX Mining Management and Sailun Jinyu Group, you can compare the effects of market volatilities on JCHX Mining and Sailun Jinyu 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 Sailun Jinyu. Check out your portfolio center. Please also check ongoing floating volatility patterns of JCHX Mining and Sailun Jinyu.
Diversification Opportunities for JCHX Mining and Sailun Jinyu
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JCHX and Sailun is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding JCHX Mining Management and Sailun Jinyu Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sailun Jinyu Group 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 Sailun Jinyu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sailun Jinyu Group has no effect on the direction of JCHX Mining i.e., JCHX Mining and Sailun Jinyu go up and down completely randomly.
Pair Corralation between JCHX Mining and Sailun Jinyu
Assuming the 90 days trading horizon JCHX Mining Management is expected to under-perform the Sailun Jinyu. In addition to that, JCHX Mining is 1.26 times more volatile than Sailun Jinyu Group. It trades about -0.08 of its total potential returns per unit of risk. Sailun Jinyu Group is currently generating about 0.06 per unit of volatility. If you would invest 1,418 in Sailun Jinyu Group on September 26, 2024 and sell it today you would earn a total of 21.00 from holding Sailun Jinyu Group or generate 1.48% 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. Sailun Jinyu Group
Performance |
Timeline |
JCHX Mining Management |
Sailun Jinyu Group |
JCHX Mining and Sailun Jinyu Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JCHX Mining and Sailun Jinyu
The main advantage of trading using opposite JCHX Mining and Sailun Jinyu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JCHX Mining position performs unexpectedly, Sailun Jinyu 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 Sailun Jinyu will offset losses from the drop in Sailun Jinyu'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 |
Sailun Jinyu vs. JCHX Mining Management | Sailun Jinyu vs. Chengtun Mining Group | Sailun Jinyu vs. Hainan Mining Co | Sailun Jinyu vs. Fujian Oriental Silver |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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