Correlation Between Xiangyang Automobile and Xi An
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By analyzing existing cross correlation between Xiangyang Automobile Bearing and Xi An Triangle, you can compare the effects of market volatilities on Xiangyang Automobile and Xi An 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 Xi An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyang Automobile and Xi An.
Diversification Opportunities for Xiangyang Automobile and Xi An
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xiangyang and 300775 is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyang Automobile Bearing and Xi An Triangle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xi An Triangle 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 Xi An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xi An Triangle has no effect on the direction of Xiangyang Automobile i.e., Xiangyang Automobile and Xi An go up and down completely randomly.
Pair Corralation between Xiangyang Automobile and Xi An
Assuming the 90 days trading horizon Xiangyang Automobile Bearing is expected to generate 2.11 times more return on investment than Xi An. However, Xiangyang Automobile is 2.11 times more volatile than Xi An Triangle. It trades about 0.5 of its potential returns per unit of risk. Xi An Triangle is currently generating about 0.11 per unit of risk. If you would invest 644.00 in Xiangyang Automobile Bearing on December 1, 2024 and sell it today you would earn a total of 225.00 from holding Xiangyang Automobile Bearing or generate 34.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyang Automobile Bearing vs. Xi An Triangle
Performance |
| Timeline |
| Xiangyang Automobile |
| Xi An Triangle |
Xiangyang Automobile and Xi An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyang Automobile and Xi An
The main advantage of trading using opposite Xiangyang Automobile and Xi An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyang Automobile position performs unexpectedly, Xi An 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 Xi An will offset losses from the drop in Xi An's long position.| Xiangyang Automobile vs. New China Life | Xiangyang Automobile vs. Ming Yang Smart | Xiangyang Automobile vs. 159681 | Xiangyang Automobile vs. 159005 |
| Xi An vs. Caihong Display Devices | Xi An vs. Chengdu B ray Media | Xi An vs. Beijing Jiaman Dress | Xi An vs. Wasu Media Holding |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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