Correlation Between Xinjiang Beixin and By Health
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and By health, you can compare the effects of market volatilities on Xinjiang Beixin and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and By Health.
Diversification Opportunities for Xinjiang Beixin and By Health
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and 300146 is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and By Health go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and By Health
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to generate 1.71 times more return on investment than By Health. However, Xinjiang Beixin is 1.71 times more volatile than By health. It trades about 0.15 of its potential returns per unit of risk. By health is currently generating about -0.02 per unit of risk. If you would invest 372.00 in Xinjiang Beixin RoadBridge on August 31, 2024 and sell it today you would earn a total of 43.00 from holding Xinjiang Beixin RoadBridge or generate 11.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. By health
Performance |
| Timeline |
| Xinjiang Beixin Road |
| By health |
Xinjiang Beixin and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and By Health
The main advantage of trading using opposite Xinjiang Beixin and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Xinjiang Beixin vs. Humanwell Healthcare Group | Xinjiang Beixin vs. De Rucci Healthy | Xinjiang Beixin vs. Xinke Material | Xinjiang Beixin vs. Kangxin New Materials |
| By Health vs. Niutech Environment Technology | By Health vs. Anhui Transport Consulting | By Health vs. Jiujiang Shanshui Technology | By Health vs. Western Superconducting Tech |
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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