Correlation Between Xizi Clean and Guangdong Jingyi
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By analyzing existing cross correlation between Xizi Clean Energy and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Xizi Clean and Guangdong Jingyi 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 Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Guangdong Jingyi.
Diversification Opportunities for Xizi Clean and Guangdong Jingyi
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xizi and Guangdong is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal 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 Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Xizi Clean i.e., Xizi Clean and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Xizi Clean and Guangdong Jingyi
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 1.22 times more return on investment than Guangdong Jingyi. However, Xizi Clean is 1.22 times more volatile than Guangdong Jingyi Metal. It trades about 0.14 of its potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about 0.08 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 Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| Xizi Clean Energy |
| Guangdong Jingyi Metal |
Xizi Clean and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Guangdong Jingyi
The main advantage of trading using opposite Xizi Clean and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| Xizi Clean vs. Hengli Industrial Development | Xizi Clean vs. Sichuan Yahua Industrial | Xizi Clean vs. Rising Nonferrous Metals | Xizi Clean vs. Gem Year Industrial Co |
| Guangdong Jingyi vs. Xiamen Bank Co | Guangdong Jingyi vs. Time Publishing and | Guangdong Jingyi vs. Zhejiang Publishing Media | Guangdong Jingyi vs. COL Digital Publishing |
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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