Correlation Between Beijing Bewinner and Xiangyu Medical
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By analyzing existing cross correlation between Beijing Bewinner Communications and Xiangyu Medical Co, you can compare the effects of market volatilities on Beijing Bewinner and Xiangyu Medical 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 Xiangyu Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Bewinner and Xiangyu Medical.
Diversification Opportunities for Beijing Bewinner and Xiangyu Medical
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Beijing and Xiangyu is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Bewinner Communication and Xiangyu Medical Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiangyu Medical 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 Xiangyu Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiangyu Medical has no effect on the direction of Beijing Bewinner i.e., Beijing Bewinner and Xiangyu Medical go up and down completely randomly.
Pair Corralation between Beijing Bewinner and Xiangyu Medical
Assuming the 90 days trading horizon Beijing Bewinner Communications is expected to under-perform the Xiangyu Medical. In addition to that, Beijing Bewinner is 1.08 times more volatile than Xiangyu Medical Co. It trades about -0.48 of its total potential returns per unit of risk. Xiangyu Medical Co is currently generating about -0.15 per unit of volatility. If you would invest 3,361 in Xiangyu Medical Co on October 16, 2024 and sell it today you would lose (411.00) from holding Xiangyu Medical Co or give up 12.23% 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. Xiangyu Medical Co
Performance |
| Timeline |
| Beijing Bewinner Com |
| Xiangyu Medical |
Beijing Bewinner and Xiangyu Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Bewinner and Xiangyu Medical
The main advantage of trading using opposite Beijing Bewinner and Xiangyu Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Bewinner position performs unexpectedly, Xiangyu Medical 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 Xiangyu Medical will offset losses from the drop in Xiangyu Medical's long position.| Beijing Bewinner vs. Xinhua Winshare Publishing | Beijing Bewinner vs. Shenyang Chemical Industry | Beijing Bewinner vs. Dosilicon Co | Beijing Bewinner vs. Zhejiang Publishing Media |
| Xiangyu Medical vs. Telling Telecommunication Holding | Xiangyu Medical vs. Dhc Software Co | Xiangyu Medical vs. Montage Technology Co | Xiangyu Medical vs. Beijing Bewinner Communications |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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