Correlation Between Ningxia Younglight and Xizi Clean
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By analyzing existing cross correlation between Ningxia Younglight Chemicals and Xizi Clean Energy, you can compare the effects of market volatilities on Ningxia Younglight and Xizi Clean 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 Ningxia Younglight with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningxia Younglight and Xizi Clean.
Diversification Opportunities for Ningxia Younglight and Xizi Clean
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ningxia and Xizi is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Ningxia Younglight Chemicals and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy and Ningxia Younglight 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 Ningxia Younglight Chemicals are associated (or correlated) with Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Ningxia Younglight i.e., Ningxia Younglight and Xizi Clean go up and down completely randomly.
Pair Corralation between Ningxia Younglight and Xizi Clean
Assuming the 90 days trading horizon Ningxia Younglight Chemicals is expected to under-perform the Xizi Clean. In addition to that, Ningxia Younglight is 1.25 times more volatile than Xizi Clean Energy. It trades about -0.07 of its total potential returns per unit of risk. Xizi Clean Energy is currently generating about 0.03 per unit of volatility. If you would invest 1,201 in Xizi Clean Energy on October 30, 2024 and sell it today you would earn a total of 24.00 from holding Xizi Clean Energy or generate 2.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningxia Younglight Chemicals vs. Xizi Clean Energy
Performance |
| Timeline |
| Ningxia Younglight |
| Xizi Clean Energy |
Ningxia Younglight and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningxia Younglight and Xizi Clean
The main advantage of trading using opposite Ningxia Younglight and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningxia Younglight position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Ningxia Younglight vs. Zijin Mining Group | Ningxia Younglight vs. Wanhua Chemical Group | Ningxia Younglight vs. Baoshan Iron Steel | Ningxia Younglight vs. Shandong Gold Mining |
| Xizi Clean vs. Shannon Semiconductor Technology | Xizi Clean vs. Ningbo Ligong Online | Xizi Clean vs. Zbit Semiconductor A | Xizi Clean vs. CICC Fund Management |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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