Correlation Between Xinjiang Beixin and GRG Banking
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and GRG Banking Equipment, you can compare the effects of market volatilities on Xinjiang Beixin and GRG Banking 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 GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and GRG Banking.
Diversification Opportunities for Xinjiang Beixin and GRG Banking
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and GRG is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment 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 GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and GRG Banking go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and GRG Banking
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the GRG Banking. In addition to that, Xinjiang Beixin is 2.47 times more volatile than GRG Banking Equipment. It trades about -0.19 of its total potential returns per unit of risk. GRG Banking Equipment is currently generating about -0.46 per unit of volatility. If you would invest 1,262 in GRG Banking Equipment on October 14, 2024 and sell it today you would lose (202.00) from holding GRG Banking Equipment or give up 16.01% 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. GRG Banking Equipment
Performance |
| Timeline |
| Xinjiang Beixin Road |
| GRG Banking Equipment |
Xinjiang Beixin and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and GRG Banking
The main advantage of trading using opposite Xinjiang Beixin and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Xinjiang Beixin vs. Touchstone International Medical | Xinjiang Beixin vs. Bank of Communications | Xinjiang Beixin vs. Shaanxi Meineng Clean | Xinjiang Beixin vs. Allwin Telecommunication Co |
| GRG Banking vs. Shanghai Sanyou Medical | GRG Banking vs. Guangdong Transtek Medical | GRG Banking vs. Dazhong Transportation Group | GRG Banking vs. Nanjing Vishee Medical |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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