Correlation Between XinJiang GuoTong and Industrial
Specify exactly 2 symbols:
By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Industrial and Commercial, you can compare the effects of market volatilities on XinJiang GuoTong and Industrial 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 Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Industrial.
Diversification Opportunities for XinJiang GuoTong and Industrial
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between XinJiang and Industrial is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Industrial and Commercial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Industrial and Commercial 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 Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Industrial and Commercial has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Industrial go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Industrial
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to generate 2.11 times more return on investment than Industrial. However, XinJiang GuoTong is 2.11 times more volatile than Industrial and Commercial. It trades about 0.11 of its potential returns per unit of risk. Industrial and Commercial is currently generating about 0.07 per unit of risk. If you would invest 633.00 in XinJiang GuoTong Pipeline on September 3, 2024 and sell it today you would earn a total of 273.00 from holding XinJiang GuoTong Pipeline or generate 43.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Industrial and Commercial
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Industrial and Commercial |
XinJiang GuoTong and Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Industrial
The main advantage of trading using opposite XinJiang GuoTong and Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Industrial 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 Industrial will offset losses from the drop in Industrial'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 |
| Industrial vs. Tengda Construction Group | Industrial vs. Hongrun Construction Group | Industrial vs. HUAQIN TECHNOLOGY LTD | Industrial vs. Sinomach General Machinery |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |