Correlation Between XinJiang GuoTong and Beijing Sinnet
Specify exactly 2 symbols:
By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Beijing Sinnet Technology, you can compare the effects of market volatilities on XinJiang GuoTong and Beijing Sinnet 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 Beijing Sinnet. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Beijing Sinnet.
Diversification Opportunities for XinJiang GuoTong and Beijing Sinnet
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between XinJiang and Beijing is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Beijing Sinnet Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Sinnet 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 Beijing Sinnet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Sinnet Technology has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Beijing Sinnet go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Beijing Sinnet
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to generate 0.85 times more return on investment than Beijing Sinnet. However, XinJiang GuoTong Pipeline is 1.18 times less risky than Beijing Sinnet. It trades about 0.01 of its potential returns per unit of risk. Beijing Sinnet Technology is currently generating about -0.14 per unit of risk. If you would invest 956.00 in XinJiang GuoTong Pipeline on September 13, 2024 and sell it today you would earn a total of 1.00 from holding XinJiang GuoTong Pipeline or generate 0.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Beijing Sinnet Technology
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Beijing Sinnet Technology |
XinJiang GuoTong and Beijing Sinnet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Beijing Sinnet
The main advantage of trading using opposite XinJiang GuoTong and Beijing Sinnet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Beijing Sinnet 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 Beijing Sinnet will offset losses from the drop in Beijing Sinnet'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 |
| Beijing Sinnet vs. Tsingtao Brewery Co | Beijing Sinnet vs. Suzhou Douson Drilling | Beijing Sinnet vs. AVIC Fund Management | Beijing Sinnet vs. Jiujiang Shanshui Technology |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |