Correlation Between Xinjiang Beixin and HaiXin Foods
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and HaiXin Foods Co, you can compare the effects of market volatilities on Xinjiang Beixin and HaiXin Foods 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 HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and HaiXin Foods.
Diversification Opportunities for Xinjiang Beixin and HaiXin Foods
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinjiang and HaiXin is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods 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 HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and HaiXin Foods go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and HaiXin Foods
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the HaiXin Foods. But the stock apears to be less risky and, when comparing its historical volatility, Xinjiang Beixin RoadBridge is 1.69 times less risky than HaiXin Foods. The stock trades about -0.22 of its potential returns per unit of risk. The HaiXin Foods Co is currently generating about -0.1 of returns per unit of risk over similar time horizon. If you would invest 440.00 in HaiXin Foods Co on October 30, 2024 and sell it today you would lose (40.00) from holding HaiXin Foods Co or give up 9.09% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. HaiXin Foods Co
Performance |
| Timeline |
| Xinjiang Beixin Road |
| HaiXin Foods |
Xinjiang Beixin and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and HaiXin Foods
The main advantage of trading using opposite Xinjiang Beixin and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Xinjiang Beixin vs. Tianshui Huatian Technology | Xinjiang Beixin vs. Soyea Technology Co | Xinjiang Beixin vs. Zhengzhou Coal Mining | Xinjiang Beixin vs. Shenyang Blue Silver |
| HaiXin Foods vs. Shandong Sinoglory Health | HaiXin Foods vs. Anhui Huaheng Biotechnology | HaiXin Foods vs. Jiangsu GDK Biotechnology | HaiXin Foods vs. Heren Health 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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