Correlation Between Tieling Newcity and Beijing Cisri
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tieling Newcity Investment and Beijing Cisri Gaona, you can compare the effects of market volatilities on Tieling Newcity and Beijing Cisri 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 Tieling Newcity with a short position of Beijing Cisri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tieling Newcity and Beijing Cisri.
Diversification Opportunities for Tieling Newcity and Beijing Cisri
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tieling and Beijing is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Tieling Newcity Investment and Beijing Cisri Gaona in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Cisri Gaona and Tieling Newcity 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 Tieling Newcity Investment are associated (or correlated) with Beijing Cisri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Cisri Gaona has no effect on the direction of Tieling Newcity i.e., Tieling Newcity and Beijing Cisri go up and down completely randomly.
Pair Corralation between Tieling Newcity and Beijing Cisri
Assuming the 90 days trading horizon Tieling Newcity Investment is expected to generate 1.03 times more return on investment than Beijing Cisri. However, Tieling Newcity is 1.03 times more volatile than Beijing Cisri Gaona. It trades about 0.09 of its potential returns per unit of risk. Beijing Cisri Gaona is currently generating about 0.01 per unit of risk. If you would invest 193.00 in Tieling Newcity Investment on October 17, 2024 and sell it today you would earn a total of 133.00 from holding Tieling Newcity Investment or generate 68.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.55% |
| Values | Daily Returns |
Tieling Newcity Investment vs. Beijing Cisri Gaona
Performance |
| Timeline |
| Tieling Newcity Inve |
| Beijing Cisri Gaona |
Tieling Newcity and Beijing Cisri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tieling Newcity and Beijing Cisri
The main advantage of trading using opposite Tieling Newcity and Beijing Cisri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tieling Newcity position performs unexpectedly, Beijing Cisri 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 Cisri will offset losses from the drop in Beijing Cisri's long position.| Tieling Newcity vs. Guangzhou Haozhi Industrial | Tieling Newcity vs. Universal Scientific Industrial | Tieling Newcity vs. Soochow Suzhou Industrial | Tieling Newcity vs. Chengtun Mining Group |
| Beijing Cisri vs. Tieling Newcity Investment | Beijing Cisri vs. Chengdu Xingrong Investment | Beijing Cisri vs. Kunwu Jiuding Investment | Beijing Cisri vs. Zoje Resources Investment |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |