Correlation Between Xinjiang Beixin and HMTNew Technical
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and HMTNew Technical, you can compare the effects of market volatilities on Xinjiang Beixin and HMTNew Technical 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 HMTNew Technical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and HMTNew Technical.
Diversification Opportunities for Xinjiang Beixin and HMTNew Technical
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xinjiang and HMTNew is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and HMTNew Technical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HMTNew Technical 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 HMTNew Technical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HMTNew Technical has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and HMTNew Technical go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and HMTNew Technical
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to under-perform the HMTNew Technical. But the stock apears to be less risky and, when comparing its historical volatility, Xinjiang Beixin RoadBridge is 1.25 times less risky than HMTNew Technical. The stock trades about -0.11 of its potential returns per unit of risk. The HMTNew Technical is currently generating about 0.48 of returns per unit of risk over similar time horizon. If you would invest 3,003 in HMTNew Technical on November 3, 2024 and sell it today you would earn a total of 864.00 from holding HMTNew Technical or generate 28.77% 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. HMTNew Technical
Performance |
| Timeline |
| Xinjiang Beixin Road |
| HMTNew Technical |
Xinjiang Beixin and HMTNew Technical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and HMTNew Technical
The main advantage of trading using opposite Xinjiang Beixin and HMTNew Technical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, HMTNew Technical 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 HMTNew Technical will offset losses from the drop in HMTNew Technical's 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 |
| HMTNew Technical vs. Grandblue Environment Co | HMTNew Technical vs. Eyebright Medical Technology | HMTNew Technical vs. Sinosteel Engineering and | HMTNew Technical vs. Shenzhen MYS Environmental |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |