Correlation Between Xilong Chemical and Jinsanjiang Silicon
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By analyzing existing cross correlation between Xilong Chemical Co and Jinsanjiang Silicon Material, you can compare the effects of market volatilities on Xilong Chemical and Jinsanjiang Silicon 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 Xilong Chemical with a short position of Jinsanjiang Silicon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xilong Chemical and Jinsanjiang Silicon.
Diversification Opportunities for Xilong Chemical and Jinsanjiang Silicon
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xilong and Jinsanjiang is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Xilong Chemical Co and Jinsanjiang Silicon Material in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinsanjiang Silicon and Xilong Chemical 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 Xilong Chemical Co are associated (or correlated) with Jinsanjiang Silicon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinsanjiang Silicon has no effect on the direction of Xilong Chemical i.e., Xilong Chemical and Jinsanjiang Silicon go up and down completely randomly.
Pair Corralation between Xilong Chemical and Jinsanjiang Silicon
Assuming the 90 days trading horizon Xilong Chemical Co is expected to under-perform the Jinsanjiang Silicon. But the stock apears to be less risky and, when comparing its historical volatility, Xilong Chemical Co is 1.21 times less risky than Jinsanjiang Silicon. The stock trades about 0.0 of its potential returns per unit of risk. The Jinsanjiang Silicon Material is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 998.00 in Jinsanjiang Silicon Material on October 18, 2024 and sell it today you would earn a total of 50.00 from holding Jinsanjiang Silicon Material or generate 5.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.58% |
| Values | Daily Returns |
Xilong Chemical Co vs. Jinsanjiang Silicon Material
Performance |
| Timeline |
| Xilong Chemical |
| Jinsanjiang Silicon |
Xilong Chemical and Jinsanjiang Silicon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xilong Chemical and Jinsanjiang Silicon
The main advantage of trading using opposite Xilong Chemical and Jinsanjiang Silicon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xilong Chemical position performs unexpectedly, Jinsanjiang Silicon 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 Jinsanjiang Silicon will offset losses from the drop in Jinsanjiang Silicon's long position.| Xilong Chemical vs. Beijing Kaiwen Education | Xilong Chemical vs. Xinhua Winshare Publishing | Xilong Chemical vs. Duzhe Publishing Media | Xilong Chemical vs. Hangzhou Pinming Software |
| Jinsanjiang Silicon vs. Soochow Suzhou Industrial | Jinsanjiang Silicon vs. Gem Year Industrial Co | Jinsanjiang Silicon vs. Marssenger Kitchenware Co | Jinsanjiang Silicon vs. Bosera CMSK Industrial |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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