Correlation Between XinJiang GuoTong and Tsingtao Brewery
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Tsingtao Brewery Co, you can compare the effects of market volatilities on XinJiang GuoTong and Tsingtao Brewery 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 Tsingtao Brewery. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Tsingtao Brewery.
Diversification Opportunities for XinJiang GuoTong and Tsingtao Brewery
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between XinJiang and Tsingtao is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Tsingtao Brewery Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tsingtao Brewery 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 Tsingtao Brewery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tsingtao Brewery has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Tsingtao Brewery go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Tsingtao Brewery
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the Tsingtao Brewery. In addition to that, XinJiang GuoTong is 1.77 times more volatile than Tsingtao Brewery Co. It trades about -0.01 of its total potential returns per unit of risk. Tsingtao Brewery Co is currently generating about 0.0 per unit of volatility. If you would invest 7,056 in Tsingtao Brewery Co on October 26, 2024 and sell it today you would lose (99.00) from holding Tsingtao Brewery Co or give up 1.4% 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. Tsingtao Brewery Co
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Tsingtao Brewery |
XinJiang GuoTong and Tsingtao Brewery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Tsingtao Brewery
The main advantage of trading using opposite XinJiang GuoTong and Tsingtao Brewery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Tsingtao Brewery 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 Tsingtao Brewery will offset losses from the drop in Tsingtao Brewery's long position.| XinJiang GuoTong vs. Ming Yang Smart | XinJiang GuoTong vs. 159681 | XinJiang GuoTong vs. 159005 | XinJiang GuoTong vs. Loctek Ergonomic Technology |
| Tsingtao Brewery vs. Qingdao Choho Industrial | Tsingtao Brewery vs. Nanxing Furniture Machinery | Tsingtao Brewery vs. Guocheng Mining Co | Tsingtao Brewery vs. Anhui Jinhe Industrial |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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