Correlation Between Xizi Clean and Ningbo Jintian
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xizi Clean Energy and Ningbo Jintian Copper, you can compare the effects of market volatilities on Xizi Clean and Ningbo Jintian 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 Ningbo Jintian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Ningbo Jintian.
Diversification Opportunities for Xizi Clean and Ningbo Jintian
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xizi and Ningbo is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Ningbo Jintian Copper in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jintian Copper 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 Ningbo Jintian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jintian Copper has no effect on the direction of Xizi Clean i.e., Xizi Clean and Ningbo Jintian go up and down completely randomly.
Pair Corralation between Xizi Clean and Ningbo Jintian
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 1.06 times more return on investment than Ningbo Jintian. However, Xizi Clean is 1.06 times more volatile than Ningbo Jintian Copper. It trades about 0.06 of its potential returns per unit of risk. Ningbo Jintian Copper is currently generating about -0.01 per unit of risk. If you would invest 1,213 in Xizi Clean Energy on December 1, 2024 and sell it today you would earn a total of 18.00 from holding Xizi Clean Energy or generate 1.48% 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. Ningbo Jintian Copper
Performance |
| Timeline |
| Xizi Clean Energy |
| Ningbo Jintian Copper |
Xizi Clean and Ningbo Jintian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Ningbo Jintian
The main advantage of trading using opposite Xizi Clean and Ningbo Jintian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Ningbo Jintian 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 Ningbo Jintian will offset losses from the drop in Ningbo Jintian's long position.| Xizi Clean vs. Shenzhen SDG Information | Xizi Clean vs. Hygon Information Technology | Xizi Clean vs. SI TECH Information Technology | Xizi Clean vs. Sportsoul Co Ltd |
| Ningbo Jintian vs. Western Metal Materials | Ningbo Jintian vs. GRIPM Advanced Materials | Ningbo Jintian vs. Sportsoul Co Ltd | Ningbo Jintian vs. Hengerda New Materials |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |