Correlation Between Shanghai Yaoji and Bank of XiAn
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shanghai Yaoji Playing and Bank of XiAn, you can compare the effects of market volatilities on Shanghai Yaoji and Bank of XiAn 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 Shanghai Yaoji with a short position of Bank of XiAn. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Yaoji and Bank of XiAn.
Diversification Opportunities for Shanghai Yaoji and Bank of XiAn
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Shanghai and Bank is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Yaoji Playing and Bank of XiAn in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of XiAn and Shanghai Yaoji 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 Shanghai Yaoji Playing are associated (or correlated) with Bank of XiAn. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of XiAn has no effect on the direction of Shanghai Yaoji i.e., Shanghai Yaoji and Bank of XiAn go up and down completely randomly.
Pair Corralation between Shanghai Yaoji and Bank of XiAn
Assuming the 90 days trading horizon Shanghai Yaoji Playing is expected to under-perform the Bank of XiAn. In addition to that, Shanghai Yaoji is 2.3 times more volatile than Bank of XiAn. It trades about -0.01 of its total potential returns per unit of risk. Bank of XiAn is currently generating about 0.02 per unit of volatility. If you would invest 349.00 in Bank of XiAn on September 12, 2024 and sell it today you would earn a total of 32.00 from holding Bank of XiAn or generate 9.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.72% |
| Values | Daily Returns |
Shanghai Yaoji Playing vs. Bank of XiAn
Performance |
| Timeline |
| Shanghai Yaoji Playing |
| Bank of XiAn |
Shanghai Yaoji and Bank of XiAn Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Yaoji and Bank of XiAn
The main advantage of trading using opposite Shanghai Yaoji and Bank of XiAn positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Yaoji position performs unexpectedly, Bank of XiAn 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 Bank of XiAn will offset losses from the drop in Bank of XiAn's long position.| Shanghai Yaoji vs. China Satellite Communications | Shanghai Yaoji vs. By health | Shanghai Yaoji vs. Yunnan Jianzhijia Health Chain | Shanghai Yaoji vs. China World Trade |
| Bank of XiAn vs. Hang Xiao Steel | Bank of XiAn vs. Heilongjiang Transport Development | Bank of XiAn vs. Sino Platinum Metals Co | Bank of XiAn vs. Jiaozuo Wanfang Aluminum |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |