Correlation Between XinJiang GuoTong and Anhui Shiny
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Anhui Shiny Electronic, you can compare the effects of market volatilities on XinJiang GuoTong and Anhui Shiny 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 Anhui Shiny. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Anhui Shiny.
Diversification Opportunities for XinJiang GuoTong and Anhui Shiny
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between XinJiang and Anhui is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Anhui Shiny Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Shiny Electronic 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 Anhui Shiny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Shiny Electronic has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Anhui Shiny go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Anhui Shiny
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the Anhui Shiny. But the stock apears to be less risky and, when comparing its historical volatility, XinJiang GuoTong Pipeline is 1.37 times less risky than Anhui Shiny. The stock trades about -0.08 of its potential returns per unit of risk. The Anhui Shiny Electronic is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 2,116 in Anhui Shiny Electronic on November 3, 2024 and sell it today you would lose (32.00) from holding Anhui Shiny Electronic or give up 1.51% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Anhui Shiny Electronic
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Anhui Shiny Electronic |
XinJiang GuoTong and Anhui Shiny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Anhui Shiny
The main advantage of trading using opposite XinJiang GuoTong and Anhui Shiny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Anhui Shiny 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 Anhui Shiny will offset losses from the drop in Anhui Shiny's long position.| XinJiang GuoTong vs. Industrial and Commercial | XinJiang GuoTong vs. Kweichow Moutai Co | XinJiang GuoTong vs. Agricultural Bank of | XinJiang GuoTong vs. China Mobile Limited |
| Anhui Shiny vs. Qingdao Haier Biomedical | Anhui Shiny vs. Dhc Software Co | Anhui Shiny vs. China National Software | Anhui Shiny vs. BrightGene Bio Medical |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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