Correlation Between Xiwang Foodstuffs and JS Corrugating
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By analyzing existing cross correlation between Xiwang Foodstuffs Co and JS Corrugating Machinery, you can compare the effects of market volatilities on Xiwang Foodstuffs and JS Corrugating 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 Xiwang Foodstuffs with a short position of JS Corrugating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiwang Foodstuffs and JS Corrugating.
Diversification Opportunities for Xiwang Foodstuffs and JS Corrugating
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xiwang and 000821 is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding Xiwang Foodstuffs Co and JS Corrugating Machinery in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JS Corrugating Machinery and Xiwang Foodstuffs 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 Xiwang Foodstuffs Co are associated (or correlated) with JS Corrugating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JS Corrugating Machinery has no effect on the direction of Xiwang Foodstuffs i.e., Xiwang Foodstuffs and JS Corrugating go up and down completely randomly.
Pair Corralation between Xiwang Foodstuffs and JS Corrugating
Assuming the 90 days trading horizon Xiwang Foodstuffs Co is expected to generate 1.88 times more return on investment than JS Corrugating. However, Xiwang Foodstuffs is 1.88 times more volatile than JS Corrugating Machinery. It trades about 0.16 of its potential returns per unit of risk. JS Corrugating Machinery is currently generating about 0.03 per unit of risk. If you would invest 351.00 in Xiwang Foodstuffs Co on September 5, 2024 and sell it today you would earn a total of 67.00 from holding Xiwang Foodstuffs Co or generate 19.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiwang Foodstuffs Co vs. JS Corrugating Machinery
Performance |
| Timeline |
| Xiwang Foodstuffs |
| JS Corrugating Machinery |
Xiwang Foodstuffs and JS Corrugating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiwang Foodstuffs and JS Corrugating
The main advantage of trading using opposite Xiwang Foodstuffs and JS Corrugating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiwang Foodstuffs position performs unexpectedly, JS Corrugating 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 JS Corrugating will offset losses from the drop in JS Corrugating's long position.| Xiwang Foodstuffs vs. Chengdu Xingrong Investment | Xiwang Foodstuffs vs. Hunan Investment Group | Xiwang Foodstuffs vs. Beijing Mainstreets Investment | Xiwang Foodstuffs vs. Metro Investment Development |
| JS Corrugating vs. Jiugui Liquor Co | JS Corrugating vs. HaiXin Foods Co | JS Corrugating vs. Xiwang Foodstuffs Co | JS Corrugating vs. Hainan Airlines Co |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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