Correlation Between XinJiang GuoTong and Anshan Senyuan
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Anshan Senyuan Road, you can compare the effects of market volatilities on XinJiang GuoTong and Anshan Senyuan 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 Anshan Senyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Anshan Senyuan.
Diversification Opportunities for XinJiang GuoTong and Anshan Senyuan
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between XinJiang and Anshan is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Anshan Senyuan Road in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anshan Senyuan Road 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 Anshan Senyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anshan Senyuan Road has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Anshan Senyuan go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Anshan Senyuan
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to generate 1.47 times more return on investment than Anshan Senyuan. However, XinJiang GuoTong is 1.47 times more volatile than Anshan Senyuan Road. It trades about -0.24 of its potential returns per unit of risk. Anshan Senyuan Road is currently generating about -0.42 per unit of risk. If you would invest 1,010 in XinJiang GuoTong Pipeline on October 14, 2024 and sell it today you would lose (230.00) from holding XinJiang GuoTong Pipeline or give up 22.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Anshan Senyuan Road
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Anshan Senyuan Road |
XinJiang GuoTong and Anshan Senyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Anshan Senyuan
The main advantage of trading using opposite XinJiang GuoTong and Anshan Senyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Anshan Senyuan 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 Anshan Senyuan will offset losses from the drop in Anshan Senyuan's long position.| XinJiang GuoTong vs. Nanxing Furniture Machinery | XinJiang GuoTong vs. Digiwin Software Co | XinJiang GuoTong vs. Hunan Tyen Machinery | XinJiang GuoTong vs. Tianjin Ruixin Technology |
| Anshan Senyuan vs. Chengdu Kanghua Biological | Anshan Senyuan vs. Beijing Wantai Biological | Anshan Senyuan vs. Suzhou Novoprotein Scientific | Anshan Senyuan vs. Aluminum Corp of |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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