Correlation Between Xinjiang Beixin and Haima Automobile
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and Haima Automobile Group, you can compare the effects of market volatilities on Xinjiang Beixin and Haima Automobile 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 Beixin with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and Haima Automobile.
Diversification Opportunities for Xinjiang Beixin and Haima Automobile
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and Haima is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Xinjiang Beixin 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 Beixin RoadBridge are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and Haima Automobile go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and Haima Automobile
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the Haima Automobile. But the stock apears to be less risky and, when comparing its historical volatility, Xinjiang Beixin RoadBridge is 1.0 times less risky than Haima Automobile. The stock trades about -0.11 of its potential returns per unit of risk. The Haima Automobile Group is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 405.00 in Haima Automobile Group on November 2, 2024 and sell it today you would lose (11.00) from holding Haima Automobile Group or give up 2.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. Haima Automobile Group
Performance |
| Timeline |
| Xinjiang Beixin Road |
| Haima Automobile |
Xinjiang Beixin and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and Haima Automobile
The main advantage of trading using opposite Xinjiang Beixin and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Xinjiang Beixin vs. Jiangsu Yanghe Brewery | Xinjiang Beixin vs. Fiberhome Telecommunication Technologies | Xinjiang Beixin vs. Jinhe Biotechnology Co | Xinjiang Beixin vs. Bank of Communications |
| Haima Automobile vs. Xiamen Insight Investment | Haima Automobile vs. Xiandai Investment Co | Haima Automobile vs. Jointo Energy Investment | Haima Automobile vs. Shuhua Sports 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |