Correlation Between Beijing Lier and Xizi Clean
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By analyzing existing cross correlation between Beijing Lier High and Xizi Clean Energy, you can compare the effects of market volatilities on Beijing Lier and Xizi Clean 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 Beijing Lier with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Lier and Xizi Clean.
Diversification Opportunities for Beijing Lier and Xizi Clean
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Beijing and Xizi is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Lier High and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy and Beijing Lier 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 Beijing Lier High are associated (or correlated) with Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Beijing Lier i.e., Beijing Lier and Xizi Clean go up and down completely randomly.
Pair Corralation between Beijing Lier and Xizi Clean
If you would invest 0.00 in Beijing Lier High on September 15, 2024 and sell it today you would earn a total of 0.00 from holding Beijing Lier High or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Beijing Lier High vs. Xizi Clean Energy
Performance |
| Timeline |
| Beijing Lier High |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| Xizi Clean Energy |
Beijing Lier and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Lier and Xizi Clean
The main advantage of trading using opposite Beijing Lier and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Lier position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Beijing Lier vs. Emdoor Information Co | Beijing Lier vs. Blue Sail Medical | Beijing Lier vs. Xian International Medical | Beijing Lier vs. Digital China Information |
| Xizi Clean vs. Industrial and Commercial | Xizi Clean vs. Kweichow Moutai Co | Xizi Clean vs. Agricultural Bank of | Xizi Clean vs. China Mobile Limited |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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