Correlation Between HaiXin Foods and Yunnan Xiyi
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By analyzing existing cross correlation between HaiXin Foods Co and Yunnan Xiyi Industrial, you can compare the effects of market volatilities on HaiXin Foods and Yunnan Xiyi 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 HaiXin Foods with a short position of Yunnan Xiyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of HaiXin Foods and Yunnan Xiyi.
Diversification Opportunities for HaiXin Foods and Yunnan Xiyi
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between HaiXin and Yunnan is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding HaiXin Foods Co and Yunnan Xiyi Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Xiyi Industrial and HaiXin Foods 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 HaiXin Foods Co are associated (or correlated) with Yunnan Xiyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Xiyi Industrial has no effect on the direction of HaiXin Foods i.e., HaiXin Foods and Yunnan Xiyi go up and down completely randomly.
Pair Corralation between HaiXin Foods and Yunnan Xiyi
Assuming the 90 days trading horizon HaiXin Foods Co is expected to under-perform the Yunnan Xiyi. But the stock apears to be less risky and, when comparing its historical volatility, HaiXin Foods Co is 2.11 times less risky than Yunnan Xiyi. The stock trades about -0.26 of its potential returns per unit of risk. The Yunnan Xiyi Industrial is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,560 in Yunnan Xiyi Industrial on November 2, 2024 and sell it today you would earn a total of 420.00 from holding Yunnan Xiyi Industrial or generate 16.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HaiXin Foods Co vs. Yunnan Xiyi Industrial
Performance |
| Timeline |
| HaiXin Foods |
| Yunnan Xiyi Industrial |
HaiXin Foods and Yunnan Xiyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HaiXin Foods and Yunnan Xiyi
The main advantage of trading using opposite HaiXin Foods and Yunnan Xiyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HaiXin Foods position performs unexpectedly, Yunnan Xiyi 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 Yunnan Xiyi will offset losses from the drop in Yunnan Xiyi's long position.| HaiXin Foods vs. Kweichow Moutai Co | HaiXin Foods vs. Contemporary Amperex Technology | HaiXin Foods vs. G bits Network Technology | HaiXin Foods vs. Beijing Roborock Technology |
| Yunnan Xiyi vs. Kweichow Moutai Co | Yunnan Xiyi vs. Jiangsu Pacific Quartz | Yunnan Xiyi vs. Shenzhen Transsion Holdings | Yunnan Xiyi vs. Beijing Roborock Technology |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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