Correlation Between Xinjiang Beixin and China State
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By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and China State Construction, you can compare the effects of market volatilities on Xinjiang Beixin and China State 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 China State. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and China State.
Diversification Opportunities for Xinjiang Beixin and China State
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xinjiang and China is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and China State Construction in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China State Construction 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 China State. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China State Construction has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and China State go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and China State
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the China State. In addition to that, Xinjiang Beixin is 1.41 times more volatile than China State Construction. It trades about -0.02 of its total potential returns per unit of risk. China State Construction is currently generating about 0.02 per unit of volatility. If you would invest 527.00 in China State Construction on October 12, 2024 and sell it today you would earn a total of 33.00 from holding China State Construction or generate 6.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Beixin RoadBridge vs. China State Construction
Performance |
| Timeline |
| Xinjiang Beixin Road |
| China State Construction |
Xinjiang Beixin and China State Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and China State
The main advantage of trading using opposite Xinjiang Beixin and China State positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, China State 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 China State will offset losses from the drop in China State's long position.| Xinjiang Beixin vs. Guangdong Jinma Entertainment | Xinjiang Beixin vs. Eastroc Beverage Group | Xinjiang Beixin vs. Ciwen Media Co | Xinjiang Beixin vs. Chongqing Changan Automobile |
| China State vs. Ye Chiu Metal | China State vs. Zhengzhou Coal Mining | China State vs. Beijing HuaYuanYiTong Thermal | China State vs. Jiaozuo Wanfang Aluminum |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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