Correlation Between Beijing Bewinner and Jiangsu Xinri
Specify exactly 2 symbols:
By analyzing existing cross correlation between Beijing Bewinner Communications and Jiangsu Xinri E Vehicle, you can compare the effects of market volatilities on Beijing Bewinner and Jiangsu Xinri 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 Beijing Bewinner with a short position of Jiangsu Xinri. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Jiangsu Xinri.
Diversification Opportunities for Beijing Bewinner and Jiangsu Xinri
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Jiangsu is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Jiangsu Xinri E Vehicle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Xinri E and Beijing Bewinner 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 Beijing Bewinner Communications are associated (or correlated) with Jiangsu Xinri. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Xinri E has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Jiangsu Xinri go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Jiangsu Xinri
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to generate 2.03 times more return on investment than Jiangsu Xinri. However, Beijing Bewinner is 2.03 times more volatile than Jiangsu Xinri E Vehicle. It trades about 0.02 of its potential returns per unit of risk. Jiangsu Xinri E Vehicle is currently generating about -0.09 per unit of risk. If you would invest 630.00 in Beijing Bewinner Communications on October 11, 2024 and sell it today you would lose (8.00) from holding Beijing Bewinner Communications or give up 1.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Bewinner Communication vs. Jiangsu Xinri E Vehicle
Performance |
| Timeline |
| Beijing Bewinner Com |
| Jiangsu Xinri E |
Beijing Bewinner and Jiangsu Xinri Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Jiangsu Xinri
The main advantage of trading using opposite Beijing Bewinner and Jiangsu Xinri positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Jiangsu Xinri 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 Jiangsu Xinri will offset losses from the drop in Jiangsu Xinri's long position.| Beijing Bewinner vs. Xiandai Investment Co | Beijing Bewinner vs. Anhui Transport Consulting | Beijing Bewinner vs. Sino Platinum Metals Co | Beijing Bewinner vs. Heilongjiang Transport Development |
| Jiangsu Xinri vs. Beijing Bewinner Communications | Jiangsu Xinri vs. Holitech Technology Co | Jiangsu Xinri vs. China Satellite Communications | Jiangsu Xinri vs. 360 Security Technology |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account |