Correlation Between XinJiang GuoTong and Anhui Huaertai
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Anhui Huaertai Chemical, you can compare the effects of market volatilities on XinJiang GuoTong and Anhui Huaertai 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 XinJiang GuoTong with a short position of Anhui Huaertai. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Anhui Huaertai.
Diversification Opportunities for XinJiang GuoTong and Anhui Huaertai
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between XinJiang and Anhui is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Anhui Huaertai Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Huaertai Chemical and XinJiang GuoTong 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 XinJiang GuoTong Pipeline are associated (or correlated) with Anhui Huaertai. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Huaertai Chemical has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Anhui Huaertai go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Anhui Huaertai
Assuming the 90 days trading horizon XinJiang GuoTong is expected to generate 1.1 times less return on investment than Anhui Huaertai. In addition to that, XinJiang GuoTong is 1.11 times more volatile than Anhui Huaertai Chemical. It trades about 0.22 of its total potential returns per unit of risk. Anhui Huaertai Chemical is currently generating about 0.27 per unit of volatility. If you would invest 873.00 in Anhui Huaertai Chemical on September 12, 2024 and sell it today you would earn a total of 502.00 from holding Anhui Huaertai Chemical or generate 57.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Anhui Huaertai Chemical
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Anhui Huaertai Chemical |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
XinJiang GuoTong and Anhui Huaertai Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Anhui Huaertai
The main advantage of trading using opposite XinJiang GuoTong and Anhui Huaertai positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Anhui Huaertai 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 Anhui Huaertai will offset losses from the drop in Anhui Huaertai's long position.| XinJiang GuoTong vs. Suzhou Xingye Material | XinJiang GuoTong vs. Peoples Insurance of | XinJiang GuoTong vs. Ping An Insurance | XinJiang GuoTong vs. Orinko Advanced Plastics |
| Anhui Huaertai vs. Dhc Software Co | Anhui Huaertai vs. HUAQIN TECHNOLOGY LTD | Anhui Huaertai vs. Nanxing Furniture Machinery | Anhui Huaertai vs. Western Superconducting Tech |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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