Correlation Between Xizi Clean and Ningxia Younglight
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xizi Clean Energy and Ningxia Younglight Chemicals, you can compare the effects of market volatilities on Xizi Clean and Ningxia Younglight 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 Ningxia Younglight. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Ningxia Younglight.
Diversification Opportunities for Xizi Clean and Ningxia Younglight
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xizi and Ningxia is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Ningxia Younglight Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningxia Younglight 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 Ningxia Younglight. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningxia Younglight has no effect on the direction of Xizi Clean i.e., Xizi Clean and Ningxia Younglight go up and down completely randomly.
Pair Corralation between Xizi Clean and Ningxia Younglight
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 1.09 times more return on investment than Ningxia Younglight. However, Xizi Clean is 1.09 times more volatile than Ningxia Younglight Chemicals. It trades about 0.23 of its potential returns per unit of risk. Ningxia Younglight Chemicals is currently generating about -0.31 per unit of risk. If you would invest 1,101 in Xizi Clean Energy on October 24, 2024 and sell it today you would earn a total of 184.00 from holding Xizi Clean Energy or generate 16.71% 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. Ningxia Younglight Chemicals
Performance |
| Timeline |
| Xizi Clean Energy |
| Ningxia Younglight |
Xizi Clean and Ningxia Younglight Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Ningxia Younglight
The main advantage of trading using opposite Xizi Clean and Ningxia Younglight positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Ningxia Younglight 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 Ningxia Younglight will offset losses from the drop in Ningxia Younglight's long position.| Xizi Clean vs. Ningxia Younglight Chemicals | Xizi Clean vs. Allgens Medical Technology | Xizi Clean vs. Liuzhou Chemical Industry | Xizi Clean vs. Guizhou Chanhen Chemical |
| Ningxia Younglight vs. Gem Year Industrial Co | Ningxia Younglight vs. Xiangyang Automobile Bearing | Ningxia Younglight vs. Chongqing Changan Automobile | Ningxia Younglight vs. CIMC Vehicles 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |