Correlation Between XinJiang GuoTong and Holitech Technology
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Holitech Technology Co, you can compare the effects of market volatilities on XinJiang GuoTong and Holitech Technology 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 Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Holitech Technology.
Diversification Opportunities for XinJiang GuoTong and Holitech Technology
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between XinJiang and Holitech is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology 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 Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Holitech Technology go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Holitech Technology
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the Holitech Technology. But the stock apears to be less risky and, when comparing its historical volatility, XinJiang GuoTong Pipeline is 1.2 times less risky than Holitech Technology. The stock trades about -0.01 of its potential returns per unit of risk. The Holitech Technology Co is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 290.00 in Holitech Technology Co on October 27, 2024 and sell it today you would lose (93.00) from holding Holitech Technology Co or give up 32.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Holitech Technology Co
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Holitech Technology |
XinJiang GuoTong and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Holitech Technology
The main advantage of trading using opposite XinJiang GuoTong and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| XinJiang GuoTong vs. Queclink Wireless Solutions | XinJiang GuoTong vs. Chongqing Road Bridge | XinJiang GuoTong vs. Jiangsu Xinri E Vehicle | XinJiang GuoTong vs. Longjian Road Bridge |
| Holitech Technology vs. Zhongzhu Medical Holdings | Holitech Technology vs. Guangzhou Tinci Materials | Holitech Technology vs. Swancor Advanced Materials | Holitech Technology vs. Xiangyu Medical Co |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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