Correlation Between Xizi Clean and Beijing Mainstreets
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By analyzing existing cross correlation between Xizi Clean Energy and Beijing Mainstreets Investment, you can compare the effects of market volatilities on Xizi Clean and Beijing Mainstreets 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 Beijing Mainstreets. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Beijing Mainstreets.
Diversification Opportunities for Xizi Clean and Beijing Mainstreets
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xizi and Beijing is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Beijing Mainstreets Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Mainstreets 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 Beijing Mainstreets. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Mainstreets has no effect on the direction of Xizi Clean i.e., Xizi Clean and Beijing Mainstreets go up and down completely randomly.
Pair Corralation between Xizi Clean and Beijing Mainstreets
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 1.01 times more return on investment than Beijing Mainstreets. However, Xizi Clean is 1.01 times more volatile than Beijing Mainstreets Investment. It trades about 0.14 of its potential returns per unit of risk. Beijing Mainstreets Investment is currently generating about 0.14 per unit of risk. If you would invest 1,135 in Xizi Clean Energy on October 20, 2024 and sell it today you would earn a total of 107.00 from holding Xizi Clean Energy or generate 9.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Beijing Mainstreets Investment
Performance |
| Timeline |
| Xizi Clean Energy |
| Beijing Mainstreets |
Xizi Clean and Beijing Mainstreets Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Beijing Mainstreets
The main advantage of trading using opposite Xizi Clean and Beijing Mainstreets positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Beijing Mainstreets 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 Beijing Mainstreets will offset losses from the drop in Beijing Mainstreets' long position.| Xizi Clean vs. Beijing Shunxin Agriculture | Xizi Clean vs. Tonghua Grape Wine | Xizi Clean vs. Zhongyin Babi Food | Xizi Clean vs. V V Food |
| Beijing Mainstreets vs. Shanghai Material Trading | Beijing Mainstreets vs. Zhongyin Babi Food | Beijing Mainstreets vs. Eastroc Beverage Group | Beijing Mainstreets vs. Harbin Hatou Investment |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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