Correlation Between Xizi Clean and Beijing HuaYuanYiTong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xizi Clean Energy and Beijing HuaYuanYiTong Thermal, you can compare the effects of market volatilities on Xizi Clean and Beijing HuaYuanYiTong 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 HuaYuanYiTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Beijing HuaYuanYiTong.
Diversification Opportunities for Xizi Clean and Beijing HuaYuanYiTong
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xizi and Beijing is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Beijing HuaYuanYiTong Thermal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing HuaYuanYiTong 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 HuaYuanYiTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing HuaYuanYiTong has no effect on the direction of Xizi Clean i.e., Xizi Clean and Beijing HuaYuanYiTong go up and down completely randomly.
Pair Corralation between Xizi Clean and Beijing HuaYuanYiTong
Assuming the 90 days trading horizon Xizi Clean Energy is expected to under-perform the Beijing HuaYuanYiTong. But the stock apears to be less risky and, when comparing its historical volatility, Xizi Clean Energy is 1.68 times less risky than Beijing HuaYuanYiTong. The stock trades about -0.17 of its potential returns per unit of risk. The Beijing HuaYuanYiTong Thermal is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,151 in Beijing HuaYuanYiTong Thermal on September 1, 2024 and sell it today you would earn a total of 21.00 from holding Beijing HuaYuanYiTong Thermal or generate 1.82% 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. Beijing HuaYuanYiTong Thermal
Performance |
| Timeline |
| Xizi Clean Energy |
| Beijing HuaYuanYiTong |
Xizi Clean and Beijing HuaYuanYiTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Beijing HuaYuanYiTong
The main advantage of trading using opposite Xizi Clean and Beijing HuaYuanYiTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Beijing HuaYuanYiTong 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 HuaYuanYiTong will offset losses from the drop in Beijing HuaYuanYiTong's long position.| Xizi Clean vs. Miracll Chemicals Co | Xizi Clean vs. Ningbo Kangqiang Electronics | Xizi Clean vs. Ping An Insurance | Xizi Clean vs. Leyard Optoelectronic |
| Beijing HuaYuanYiTong vs. Industrial and Commercial | Beijing HuaYuanYiTong vs. Agricultural Bank of | Beijing HuaYuanYiTong vs. China Construction Bank | Beijing HuaYuanYiTong vs. Bank of China |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |