Correlation Between Xizi Clean and Double Medical
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By analyzing existing cross correlation between Xizi Clean Energy and Double Medical Technology, you can compare the effects of market volatilities on Xizi Clean and Double Medical 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 Double Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Double Medical.
Diversification Opportunities for Xizi Clean and Double Medical
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xizi and Double is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Double Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Double Medical Technology 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 Double Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Double Medical Technology has no effect on the direction of Xizi Clean i.e., Xizi Clean and Double Medical go up and down completely randomly.
Pair Corralation between Xizi Clean and Double Medical
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 1.04 times more return on investment than Double Medical. However, Xizi Clean is 1.04 times more volatile than Double Medical Technology. It trades about -0.08 of its potential returns per unit of risk. Double Medical Technology is currently generating about -0.17 per unit of risk. If you would invest 1,238 in Xizi Clean Energy on September 13, 2024 and sell it today you would lose (46.00) from holding Xizi Clean Energy or give up 3.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Double Medical Technology
Performance |
| Timeline |
| Xizi Clean Energy |
| Double Medical Technology |
Xizi Clean and Double Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Double Medical
The main advantage of trading using opposite Xizi Clean and Double Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Double Medical 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 Double Medical will offset losses from the drop in Double Medical'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 |
| Double Medical vs. Industrial and Commercial | Double Medical vs. Kweichow Moutai Co | Double Medical vs. Agricultural Bank of | Double Medical vs. China Mobile Limited |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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