Correlation Between XinJiang GuoTong and Sportsoul
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Sportsoul Co Ltd, you can compare the effects of market volatilities on XinJiang GuoTong and Sportsoul 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 Sportsoul. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Sportsoul.
Diversification Opportunities for XinJiang GuoTong and Sportsoul
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between XinJiang and Sportsoul is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Sportsoul Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sportsoul 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 Sportsoul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sportsoul has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Sportsoul go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Sportsoul
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to generate 1.11 times more return on investment than Sportsoul. However, XinJiang GuoTong is 1.11 times more volatile than Sportsoul Co Ltd. It trades about 0.19 of its potential returns per unit of risk. Sportsoul Co Ltd is currently generating about 0.17 per unit of risk. If you would invest 690.00 in XinJiang GuoTong Pipeline on August 25, 2024 and sell it today you would earn a total of 208.00 from holding XinJiang GuoTong Pipeline or generate 30.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Sportsoul Co Ltd
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Sportsoul |
XinJiang GuoTong and Sportsoul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Sportsoul
The main advantage of trading using opposite XinJiang GuoTong and Sportsoul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Sportsoul 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 Sportsoul will offset losses from the drop in Sportsoul's long position.| XinJiang GuoTong vs. Yindu Kitchen Equipment | XinJiang GuoTong vs. GRINM Semiconductor Materials | XinJiang GuoTong vs. StarPower Semiconductor | XinJiang GuoTong vs. Shandong Polymer Biochemicals |
| Sportsoul vs. Shenzhen MYS Environmental | Sportsoul vs. AVIC Fund Management | Sportsoul vs. Shenzhen Bingchuan Network | Sportsoul vs. Penghua Shenzhen Energy |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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