Correlation Between Shenzhen Noposion and Hangzhou Xili
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By analyzing existing cross correlation between Shenzhen Noposion Agrochemicals and Hangzhou Xili Intelligent, you can compare the effects of market volatilities on Shenzhen Noposion and Hangzhou Xili 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 Shenzhen Noposion with a short position of Hangzhou Xili. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Noposion and Hangzhou Xili.
Diversification Opportunities for Shenzhen Noposion and Hangzhou Xili
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Shenzhen and Hangzhou is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Noposion Agrochemical and Hangzhou Xili Intelligent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Xili Intelligent and Shenzhen Noposion 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 Shenzhen Noposion Agrochemicals are associated (or correlated) with Hangzhou Xili. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Xili Intelligent has no effect on the direction of Shenzhen Noposion i.e., Shenzhen Noposion and Hangzhou Xili go up and down completely randomly.
Pair Corralation between Shenzhen Noposion and Hangzhou Xili
Assuming the 90 days trading horizon Shenzhen Noposion Agrochemicals is expected to under-perform the Hangzhou Xili. In addition to that, Shenzhen Noposion is 1.73 times more volatile than Hangzhou Xili Intelligent. It trades about -0.15 of its total potential returns per unit of risk. Hangzhou Xili Intelligent is currently generating about 0.12 per unit of volatility. If you would invest 1,020 in Hangzhou Xili Intelligent on November 3, 2024 and sell it today you would earn a total of 42.00 from holding Hangzhou Xili Intelligent or generate 4.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Noposion Agrochemical vs. Hangzhou Xili Intelligent
Performance |
| Timeline |
| Shenzhen Noposion |
| Hangzhou Xili Intelligent |
Shenzhen Noposion and Hangzhou Xili Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Noposion and Hangzhou Xili
The main advantage of trading using opposite Shenzhen Noposion and Hangzhou Xili positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Noposion position performs unexpectedly, Hangzhou Xili 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 Hangzhou Xili will offset losses from the drop in Hangzhou Xili's long position.| Shenzhen Noposion vs. Jinxiandai Information Industry | Shenzhen Noposion vs. Xinjiang Baodi Mining | Shenzhen Noposion vs. Hangzhou Gisway Information | Shenzhen Noposion vs. Zhejiang Yongjin Metal |
| Hangzhou Xili vs. Wuxi Double Elephant | Hangzhou Xili vs. Western Metal Materials | Hangzhou Xili vs. Jahen Household Products | Hangzhou Xili vs. Zhangjiagang Freetrade Science |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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