Correlation Between XinJiang GuoTong and Semiconductor Manufacturing
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By analyzing existing cross correlation between XinJiang GuoTong Pipeline and Semiconductor Manufacturing Electronics, you can compare the effects of market volatilities on XinJiang GuoTong and Semiconductor Manufacturing 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 Semiconductor Manufacturing. Check out your portfolio center. Please also check ongoing floating volatility patterns of XinJiang GuoTong and Semiconductor Manufacturing.
Diversification Opportunities for XinJiang GuoTong and Semiconductor Manufacturing
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between XinJiang and Semiconductor is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding XinJiang GuoTong Pipeline and Semiconductor Manufacturing El in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Semiconductor Manufacturing 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 Semiconductor Manufacturing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Semiconductor Manufacturing has no effect on the direction of XinJiang GuoTong i.e., XinJiang GuoTong and Semiconductor Manufacturing go up and down completely randomly.
Pair Corralation between XinJiang GuoTong and Semiconductor Manufacturing
Assuming the 90 days trading horizon XinJiang GuoTong Pipeline is expected to generate 1.46 times more return on investment than Semiconductor Manufacturing. However, XinJiang GuoTong is 1.46 times more volatile than Semiconductor Manufacturing Electronics. It trades about 0.14 of its potential returns per unit of risk. Semiconductor Manufacturing Electronics is currently generating about -0.07 per unit of risk. If you would invest 778.00 in XinJiang GuoTong Pipeline on November 5, 2024 and sell it today you would earn a total of 42.00 from holding XinJiang GuoTong Pipeline or generate 5.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
XinJiang GuoTong Pipeline vs. Semiconductor Manufacturing El
Performance |
| Timeline |
| XinJiang GuoTong Pipeline |
| Semiconductor Manufacturing |
XinJiang GuoTong and Semiconductor Manufacturing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XinJiang GuoTong and Semiconductor Manufacturing
The main advantage of trading using opposite XinJiang GuoTong and Semiconductor Manufacturing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XinJiang GuoTong position performs unexpectedly, Semiconductor Manufacturing 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 Semiconductor Manufacturing will offset losses from the drop in Semiconductor Manufacturing's long position.| XinJiang GuoTong vs. Mingchen Health Co | XinJiang GuoTong vs. Aier Eye Hospital | XinJiang GuoTong vs. Suzhou Weizhixiang Food | XinJiang GuoTong vs. JuneYao Dairy Co |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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