Correlation Between XinJiang GuoTong and Uroica Mining
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Uroica Mining Safety, you can compare the effects of market volatilities on XinJiang GuoTong and Uroica Mining 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 Uroica Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Uroica Mining.
Diversification Opportunities for XinJiang GuoTong and Uroica Mining
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between XinJiang and Uroica is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Uroica Mining Safety in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uroica Mining Safety 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 Uroica Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uroica Mining Safety has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Uroica Mining go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Uroica Mining
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the Uroica Mining. But the stock apears to be less risky and, when comparing its historical volatility, XinJiang GuoTong Pipeline is 1.01 times less risky than Uroica Mining. The stock trades about 0.0 of its potential returns per unit of risk. The Uroica Mining Safety is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 651.00 in Uroica Mining Safety on December 6, 2024 and sell it today you would earn a total of 140.00 from holding Uroica Mining Safety or generate 21.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Uroica Mining Safety
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Uroica Mining Safety |
XinJiang GuoTong and Uroica Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Uroica Mining
The main advantage of trading using opposite XinJiang GuoTong and Uroica Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Uroica Mining 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 Uroica Mining will offset losses from the drop in Uroica Mining's long position.| XinJiang GuoTong vs. Caihong Display Devices | XinJiang GuoTong vs. Jiangsu Jinling Sports | XinJiang GuoTong vs. Shandong Huifa Foodstuff | XinJiang GuoTong vs. Guangdong Wens Foodstuff |
| Uroica Mining vs. Ningbo Daye Garden | Uroica Mining vs. Northking Information Technology | Uroica Mining vs. Hubei Huaqiang High Tech | Uroica Mining vs. Tjk Machinery Tianjin |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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