Correlation Between XinJiang GuoTong and State Grid
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and State Grid InformationCommunication, you can compare the effects of market volatilities on XinJiang GuoTong and State Grid 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 State Grid. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and State Grid.
Diversification Opportunities for XinJiang GuoTong and State Grid
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between XinJiang and State is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and State Grid InformationCommunic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on State Grid Informati 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 State Grid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of State Grid Informati has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and State Grid go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and State Grid
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the State Grid. But the stock apears to be less risky and, when comparing its historical volatility, XinJiang GuoTong Pipeline is 1.53 times less risky than State Grid. The stock trades about -0.01 of its potential returns per unit of risk. The State Grid InformationCommunication is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,040 in State Grid InformationCommunication on September 1, 2024 and sell it today you would earn a total of 182.00 from holding State Grid InformationCommunication or generate 8.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. State Grid InformationCommunic
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| State Grid Informati |
XinJiang GuoTong and State Grid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and State Grid
The main advantage of trading using opposite XinJiang GuoTong and State Grid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, State Grid 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 State Grid will offset losses from the drop in State Grid's long position.| XinJiang GuoTong vs. Industrial and Commercial | XinJiang GuoTong vs. Agricultural Bank of | XinJiang GuoTong vs. China Construction Bank | XinJiang GuoTong vs. Bank of China |
| State Grid vs. Guangzhou KingTeller Technology | State Grid vs. Aofu Environmental Technology | State Grid vs. Guangdong Liantai Environmental | State Grid vs. Hubei Forbon 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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