Correlation Between Xinjiang Beixin and Thinkon Semiconductor
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Beixin RoadBridge and Thinkon Semiconductor Jinzhou, you can compare the effects of market volatilities on Xinjiang Beixin and Thinkon Semiconductor 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 Thinkon Semiconductor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Beixin and Thinkon Semiconductor.
Diversification Opportunities for Xinjiang Beixin and Thinkon Semiconductor
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and Thinkon is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Beixin RoadBridge and Thinkon Semiconductor Jinzhou in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkon Semiconductor 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 Thinkon Semiconductor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkon Semiconductor has no effect on the direction of Xinjiang Beixin i.e., Xinjiang Beixin and Thinkon Semiconductor go up and down completely randomly.
Pair Corralation between Xinjiang Beixin and Thinkon Semiconductor
Assuming the 90 days trading horizon Xinjiang Beixin RoadBridge is expected to generate 0.85 times more return on investment than Thinkon Semiconductor. However, Xinjiang Beixin RoadBridge is 1.18 times less risky than Thinkon Semiconductor. It trades about 0.08 of its potential returns per unit of risk. Thinkon Semiconductor Jinzhou is currently generating about 0.05 per unit of risk. If you would invest 269.00 in Xinjiang Beixin RoadBridge on October 18, 2024 and sell it today you would earn a total of 81.00 from holding Xinjiang Beixin RoadBridge or generate 30.11% 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. Thinkon Semiconductor Jinzhou
Performance |
| Timeline |
| Xinjiang Beixin Road |
| Thinkon Semiconductor |
Xinjiang Beixin and Thinkon Semiconductor Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Beixin and Thinkon Semiconductor
The main advantage of trading using opposite Xinjiang Beixin and Thinkon Semiconductor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Beixin position performs unexpectedly, Thinkon Semiconductor 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 Thinkon Semiconductor will offset losses from the drop in Thinkon Semiconductor's long position.| Xinjiang Beixin vs. Harvest Fund Management | Xinjiang Beixin vs. Shanghai CEO Environmental | Xinjiang Beixin vs. Fuda Alloy Materials | Xinjiang Beixin vs. GRIPM Advanced Materials |
| Thinkon Semiconductor vs. North Copper Shanxi | Thinkon Semiconductor vs. Guocheng Mining Co | Thinkon Semiconductor vs. Chengtun Mining Group | Thinkon Semiconductor vs. Xinjiang Beixin RoadBridge |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |