Correlation Between Xiangyang Automobile and Beijing Zhong
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By analyzing existing cross correlation between Xiangyang Automobile Bearing and Beijing Zhong Ke, you can compare the effects of market volatilities on Xiangyang Automobile and Beijing Zhong 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 Xiangyang Automobile with a short position of Beijing Zhong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyang Automobile and Beijing Zhong.
Diversification Opportunities for Xiangyang Automobile and Beijing Zhong
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xiangyang and Beijing is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyang Automobile Bearing and Beijing Zhong Ke in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Zhong Ke and Xiangyang Automobile 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 Xiangyang Automobile Bearing are associated (or correlated) with Beijing Zhong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Zhong Ke has no effect on the direction of Xiangyang Automobile i.e., Xiangyang Automobile and Beijing Zhong go up and down completely randomly.
Pair Corralation between Xiangyang Automobile and Beijing Zhong
If you would invest 661.00 in Xiangyang Automobile Bearing on September 4, 2024 and sell it today you would lose (34.00) from holding Xiangyang Automobile Bearing or give up 5.14% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Xiangyang Automobile Bearing vs. Beijing Zhong Ke
Performance |
| Timeline |
| Xiangyang Automobile |
| Beijing Zhong Ke |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Xiangyang Automobile and Beijing Zhong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyang Automobile and Beijing Zhong
The main advantage of trading using opposite Xiangyang Automobile and Beijing Zhong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyang Automobile position performs unexpectedly, Beijing Zhong 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 Beijing Zhong will offset losses from the drop in Beijing Zhong's long position.| Xiangyang Automobile vs. Cultural Investment Holdings | Xiangyang Automobile vs. Gome Telecom Equipment | Xiangyang Automobile vs. Bus Online Co | Xiangyang Automobile vs. Holitech Technology Co |
| Beijing Zhong vs. GigaDevice SemiconductorBeiji | Beijing Zhong vs. Shandong Mining Machinery | Beijing Zhong vs. Xinjiang Baodi Mining | Beijing Zhong vs. Nexchip Semiconductor 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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