Correlation Between Xinjiang Beixin and Fujian Boss
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and Fujian Boss Software, you can compare the effects of market volatilities on Xinjiang Beixin and Fujian Boss 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 Fujian Boss. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and Fujian Boss.
Diversification Opportunities for Xinjiang Beixin and Fujian Boss
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and Fujian is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and Fujian Boss Software in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Boss Software 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 Fujian Boss. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Boss Software has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and Fujian Boss go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and Fujian Boss
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the Fujian Boss. In addition to that, Xinjiang Beixin is 1.11 times more volatile than Fujian Boss Software. It trades about -0.11 of its total potential returns per unit of risk. Fujian Boss Software is currently generating about -0.04 per unit of volatility. If you would invest 1,480 in Fujian Boss Software on November 3, 2024 and sell it today you would lose (30.00) from holding Fujian Boss Software or give up 2.03% 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. Fujian Boss Software
Performance |
| Timeline |
| Xinjiang Beixin Road |
| Fujian Boss Software |
Xinjiang Beixin and Fujian Boss Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and Fujian Boss
The main advantage of trading using opposite Xinjiang Beixin and Fujian Boss positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, Fujian Boss 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 Fujian Boss will offset losses from the drop in Fujian Boss' long position.| Xinjiang Beixin vs. PetroChina Co Ltd | Xinjiang Beixin vs. China Mobile Limited | Xinjiang Beixin vs. CNOOC Limited | Xinjiang Beixin vs. Ping An Insurance |
| Fujian Boss vs. Dynagreen Environmental Protection | Fujian Boss vs. Grandblue Environment Co | Fujian Boss vs. Mango Excellent Media | Fujian Boss vs. Lander Sports Development |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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