Correlation Between Xiamen Insight and Wasu Media
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By analyzing existing cross correlation between Xiamen Insight Investment and Wasu Media Holding, you can compare the effects of market volatilities on Xiamen Insight and Wasu Media 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 Xiamen Insight with a short position of Wasu Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiamen Insight and Wasu Media.
Diversification Opportunities for Xiamen Insight and Wasu Media
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xiamen and Wasu is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Insight Investment and Wasu Media Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wasu Media Holding and Xiamen Insight 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 Xiamen Insight Investment are associated (or correlated) with Wasu Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wasu Media Holding has no effect on the direction of Xiamen Insight i.e., Xiamen Insight and Wasu Media go up and down completely randomly.
Pair Corralation between Xiamen Insight and Wasu Media
Assuming the 90 days trading horizon Xiamen Insight Investment is expected to generate 1.16 times more return on investment than Wasu Media. However, Xiamen Insight is 1.16 times more volatile than Wasu Media Holding. It trades about 0.01 of its potential returns per unit of risk. Wasu Media Holding is currently generating about 0.0 per unit of risk. If you would invest 4,206 in Xiamen Insight Investment on November 1, 2024 and sell it today you would earn a total of 8.00 from holding Xiamen Insight Investment or generate 0.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiamen Insight Investment vs. Wasu Media Holding
Performance |
| Timeline |
| Xiamen Insight Investment |
| Wasu Media Holding |
Xiamen Insight and Wasu Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiamen Insight and Wasu Media
The main advantage of trading using opposite Xiamen Insight and Wasu Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiamen Insight position performs unexpectedly, Wasu Media 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 Wasu Media will offset losses from the drop in Wasu Media's long position.| Xiamen Insight vs. Zhongyin Babi Food | Xiamen Insight vs. Youyou Foods Co | Xiamen Insight vs. Chengdu Xingrong Investment | Xiamen Insight vs. Hubei Geoway Investment |
| Wasu Media vs. Cambricon Technologies Corp | Wasu Media vs. SGSG Sciencetechnology Co | Wasu Media vs. Zhonghang Electronic Measuring | Wasu Media vs. Loongson Technology Corp |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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