Correlation Between XinJiang GuoTong and Beijing Jiaman
Specify exactly 2 symbols:
By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Beijing Jiaman Dress, you can compare the effects of market volatilities on XinJiang GuoTong and Beijing Jiaman 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 Jiaman. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Beijing Jiaman.
Diversification Opportunities for XinJiang GuoTong and Beijing Jiaman
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between XinJiang and Beijing is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Beijing Jiaman Dress in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Jiaman Dress 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 Jiaman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Jiaman Dress has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Beijing Jiaman go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Beijing Jiaman
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the Beijing Jiaman. In addition to that, XinJiang GuoTong is 1.92 times more volatile than Beijing Jiaman Dress. It trades about -0.24 of its total potential returns per unit of risk. Beijing Jiaman Dress is currently generating about -0.29 per unit of volatility. If you would invest 2,237 in Beijing Jiaman Dress on October 14, 2024 and sell it today you would lose (326.00) from holding Beijing Jiaman Dress or give up 14.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Beijing Jiaman Dress
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Beijing Jiaman Dress |
XinJiang GuoTong and Beijing Jiaman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Beijing Jiaman
The main advantage of trading using opposite XinJiang GuoTong and Beijing Jiaman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Beijing Jiaman 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 Jiaman will offset losses from the drop in Beijing Jiaman'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 |
| Beijing Jiaman vs. Jiangxi Naipu Mining | Beijing Jiaman vs. Uroica Mining Safety | Beijing Jiaman vs. Pengxin International Mining | Beijing Jiaman vs. XinJiang GuoTong Pipeline |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |