Correlation Between Xizi Clean and Eastern Air
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By analyzing existing cross correlation between Xizi Clean Energy and Eastern Air Logistics, you can compare the effects of market volatilities on Xizi Clean and Eastern Air 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 Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Eastern Air.
Diversification Opportunities for Xizi Clean and Eastern Air
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xizi and Eastern is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Eastern Air Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Air Logistics 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 Eastern Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Air Logistics has no effect on the direction of Xizi Clean i.e., Xizi Clean and Eastern Air go up and down completely randomly.
Pair Corralation between Xizi Clean and Eastern Air
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 1.23 times more return on investment than Eastern Air. However, Xizi Clean is 1.23 times more volatile than Eastern Air Logistics. It trades about 0.12 of its potential returns per unit of risk. Eastern Air Logistics is currently generating about -0.03 per unit of risk. If you would invest 1,138 in Xizi Clean Energy on October 30, 2024 and sell it today you would earn a total of 87.00 from holding Xizi Clean Energy or generate 7.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Eastern Air Logistics
Performance |
| Timeline |
| Xizi Clean Energy |
| Eastern Air Logistics |
Xizi Clean and Eastern Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Eastern Air
The main advantage of trading using opposite Xizi Clean and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Eastern Air 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 Eastern Air will offset losses from the drop in Eastern Air's long position.| Xizi Clean vs. Shannon Semiconductor Technology | Xizi Clean vs. Ningbo Ligong Online | Xizi Clean vs. Zbit Semiconductor A | Xizi Clean vs. CICC Fund Management |
| Eastern Air vs. Everjoy Health Group | Eastern Air vs. Humanwell Healthcare Group | Eastern Air vs. Sanbo Hospital Management | Eastern Air vs. Harvest Fund Management |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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