Correlation Between Vanfund Urban and XinJiang GuoTong
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By analyzing existing cross correlation between Vanfund Urban Investment and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Vanfund Urban and XinJiang GuoTong 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 Vanfund Urban with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Vanfund Urban and XinJiang GuoTong.
Diversification Opportunities for Vanfund Urban and XinJiang GuoTong
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Vanfund and XinJiang is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Vanfund Urban Investment and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline and Vanfund Urban 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 Vanfund Urban Investment are associated (or correlated) with XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Vanfund Urban i.e., Vanfund Urban and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Vanfund Urban and XinJiang GuoTong
Assuming the 90 days trading horizon Vanfund Urban Investment is expected to generate 0.97 times more return on investment than XinJiang GuoTong. However, Vanfund Urban Investment is 1.03 times less risky than XinJiang GuoTong. It trades about 0.13 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.08 per unit of risk. If you would invest 464.00 in Vanfund Urban Investment on November 3, 2024 and sell it today you would earn a total of 30.00 from holding Vanfund Urban Investment or generate 6.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Vanfund Urban Investment vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Vanfund Urban Investment |
| XinJiang GuoTong Pipeline |
Vanfund Urban and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Vanfund Urban and XinJiang GuoTong
The main advantage of trading using opposite Vanfund Urban and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Vanfund Urban position performs unexpectedly, XinJiang GuoTong 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 XinJiang GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| Vanfund Urban vs. Xinhua Winshare Publishing | Vanfund Urban vs. Chengtun Mining Group | Vanfund Urban vs. Changjiang Publishing Media | Vanfund Urban vs. Time Publishing and |
| XinJiang GuoTong vs. Kweichow Moutai Co | XinJiang GuoTong vs. Beijing Roborock Technology | XinJiang GuoTong vs. G bits Network Technology | XinJiang GuoTong vs. China Mobile Limited |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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