Correlation Between XinJiang GuoTong and Changjiang Publishing
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Changjiang Publishing Media, you can compare the effects of market volatilities on XinJiang GuoTong and Changjiang Publishing 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 Changjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Changjiang Publishing.
Diversification Opportunities for XinJiang GuoTong and Changjiang Publishing
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between XinJiang and Changjiang is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Changjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changjiang Publishing 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 Changjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changjiang Publishing has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Changjiang Publishing go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Changjiang Publishing
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to under-perform the Changjiang Publishing. In addition to that, XinJiang GuoTong is 1.16 times more volatile than Changjiang Publishing Media. It trades about -0.01 of its total potential returns per unit of risk. Changjiang Publishing Media is currently generating about 0.05 per unit of volatility. If you would invest 548.00 in Changjiang Publishing Media on September 3, 2024 and sell it today you would earn a total of 307.00 from holding Changjiang Publishing Media or generate 56.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Changjiang Publishing Media
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Changjiang Publishing |
XinJiang GuoTong and Changjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Changjiang Publishing
The main advantage of trading using opposite XinJiang GuoTong and Changjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Changjiang Publishing 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 Changjiang Publishing will offset losses from the drop in Changjiang Publishing's long position.| XinJiang GuoTong vs. Iat Automobile Technology | XinJiang GuoTong vs. Sinomach Automobile Co | XinJiang GuoTong vs. Guangzhou Automobile Group | XinJiang GuoTong vs. Ningxia Younglight Chemicals |
| Changjiang Publishing vs. Gansu Jiu Steel | Changjiang Publishing vs. Ming Yang Smart | Changjiang Publishing vs. Aba Chemicals Corp | Changjiang Publishing vs. Loctek Ergonomic 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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