Correlation Between Xizi Clean and Gotion High
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By analyzing existing cross correlation between Xizi Clean Energy and Gotion High tech, you can compare the effects of market volatilities on Xizi Clean and Gotion High 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 Gotion High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Gotion High.
Diversification Opportunities for Xizi Clean and Gotion High
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xizi and Gotion is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Gotion High tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gotion High tech 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 Gotion High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gotion High tech has no effect on the direction of Xizi Clean i.e., Xizi Clean and Gotion High go up and down completely randomly.
Pair Corralation between Xizi Clean and Gotion High
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 0.84 times more return on investment than Gotion High. However, Xizi Clean Energy is 1.2 times less risky than Gotion High. It trades about 0.15 of its potential returns per unit of risk. Gotion High tech is currently generating about 0.1 per unit of risk. If you would invest 940.00 in Xizi Clean Energy on September 12, 2024 and sell it today you would earn a total of 252.00 from holding Xizi Clean Energy or generate 26.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Gotion High tech
Performance |
| Timeline |
| Xizi Clean Energy |
| Gotion High tech |
Xizi Clean and Gotion High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Gotion High
The main advantage of trading using opposite Xizi Clean and Gotion High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Gotion High 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 Gotion High will offset losses from the drop in Gotion High's long position.| Xizi Clean vs. Industrial and Commercial | Xizi Clean vs. Kweichow Moutai Co | Xizi Clean vs. Agricultural Bank of | Xizi Clean vs. China Mobile Limited |
| Gotion High vs. Beijing Wandong Medical | Gotion High vs. Dongguan Tarry Electronics | Gotion High vs. Jiugui Liquor Co | Gotion High vs. Bomin Electronics 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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