Correlation Between Xiangyang Automobile and Hainan Mining
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By analyzing existing cross correlation between Xiangyang Automobile Bearing and Hainan Mining Co, you can compare the effects of market volatilities on Xiangyang Automobile and Hainan Mining 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 Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangyang Automobile and Hainan Mining.
Diversification Opportunities for Xiangyang Automobile and Hainan Mining
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xiangyang and Hainan is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Xiangyang Automobile Bearing and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining 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 Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of Xiangyang Automobile i.e., Xiangyang Automobile and Hainan Mining go up and down completely randomly.
Pair Corralation between Xiangyang Automobile and Hainan Mining
Assuming the 90 days trading horizon Xiangyang Automobile Bearing is expected to generate 1.39 times more return on investment than Hainan Mining. However, Xiangyang Automobile is 1.39 times more volatile than Hainan Mining Co. It trades about 0.16 of its potential returns per unit of risk. Hainan Mining Co is currently generating about 0.06 per unit of risk. If you would invest 383.00 in Xiangyang Automobile Bearing on September 15, 2024 and sell it today you would earn a total of 338.00 from holding Xiangyang Automobile Bearing or generate 88.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangyang Automobile Bearing vs. Hainan Mining Co
Performance |
| Timeline |
| Xiangyang Automobile |
| Hainan Mining |
Xiangyang Automobile and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangyang Automobile and Hainan Mining
The main advantage of trading using opposite Xiangyang Automobile and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangyang Automobile position performs unexpectedly, Hainan Mining 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 Hainan Mining will offset losses from the drop in Hainan Mining's long position.| Xiangyang Automobile vs. BeiGene | Xiangyang Automobile vs. Kweichow Moutai Co | Xiangyang Automobile vs. Beijing Roborock Technology | Xiangyang Automobile vs. G bits Network Technology |
| Hainan Mining vs. Zijin Mining Group | Hainan Mining vs. Wanhua Chemical Group | Hainan Mining vs. Baoshan Iron Steel | Hainan Mining vs. Shandong Gold Mining |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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