Correlation Between Xizi Clean and Hainan Mining
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By analyzing existing cross correlation between Xizi Clean Energy and Hainan Mining Co, you can compare the effects of market volatilities on Xizi Clean and Hainan Mining 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 Hainan Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Hainan Mining.
Diversification Opportunities for Xizi Clean and Hainan Mining
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xizi and Hainan is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy and Hainan Mining Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Mining 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 Hainan Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Mining has no effect on the direction of Xizi Clean i.e., Xizi Clean and Hainan Mining go up and down completely randomly.
Pair Corralation between Xizi Clean and Hainan Mining
Assuming the 90 days trading horizon Xizi Clean Energy is expected to under-perform the Hainan Mining. In addition to that, Xizi Clean is 1.19 times more volatile than Hainan Mining Co. It trades about -0.01 of its total potential returns per unit of risk. Hainan Mining Co is currently generating about 0.0 per unit of volatility. If you would invest 771.00 in Hainan Mining Co on October 30, 2024 and sell it today you would lose (93.00) from holding Hainan Mining Co or give up 12.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Hainan Mining Co
Performance |
| Timeline |
| Xizi Clean Energy |
| Hainan Mining |
Xizi Clean and Hainan Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Hainan Mining
The main advantage of trading using opposite Xizi Clean and Hainan Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean position performs unexpectedly, Hainan Mining 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 Hainan Mining will offset losses from the drop in Hainan Mining'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 |
| Hainan Mining vs. China Sports Industry | Hainan Mining vs. Citic Offshore Helicopter | Hainan Mining vs. Jiangsu Jinling Sports | Hainan Mining vs. Jiangsu Hoperun Software |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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