Correlation Between Xizi Clean and Haima Automobile
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By analyzing existing cross correlation between Xizi Clean Energy and Haima Automobile Group, you can compare the effects of market volatilities on Xizi Clean and Haima Automobile 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 Xizi Clean with a short position of Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Haima Automobile.
Diversification Opportunities for Xizi Clean and Haima Automobile
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xizi and Haima is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile and Xizi Clean 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 Xizi Clean Energy are associated (or correlated) with Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Xizi Clean i.e., Xizi Clean and Haima Automobile go up and down completely randomly.
Pair Corralation between Xizi Clean and Haima Automobile
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 1.46 times more return on investment than Haima Automobile. However, Xizi Clean is 1.46 times more volatile than Haima Automobile Group. It trades about 0.14 of its potential returns per unit of risk. Haima Automobile Group is currently generating about -0.18 per unit of risk. If you would invest 1,146 in Xizi Clean Energy on October 28, 2024 and sell it today you would earn a total of 106.00 from holding Xizi Clean Energy or generate 9.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Haima Automobile Group
Performance |
| Timeline |
| Xizi Clean Energy |
| Haima Automobile |
Xizi Clean and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Haima Automobile
The main advantage of trading using opposite Xizi Clean and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Xizi Clean vs. Western Metal Materials | Xizi Clean vs. Tianjin Silvery Dragon | Xizi Clean vs. Xinjiang Baodi Mining | Xizi Clean vs. Aluminum Corp of |
| Haima Automobile vs. Fujian Anjoy Foods | Haima Automobile vs. Youyou Foods Co | Haima Automobile vs. China Eastern Airlines | Haima Automobile vs. Spring Airlines Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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