Correlation Between Xinjiang Tianshun and CNPC Capital
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By analyzing existing cross correlation between Xinjiang Tianshun Supply and CNPC Capital Co, you can compare the effects of market volatilities on Xinjiang Tianshun and CNPC Capital 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 Xinjiang Tianshun with a short position of CNPC Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Tianshun and CNPC Capital.
Diversification Opportunities for Xinjiang Tianshun and CNPC Capital
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinjiang and CNPC is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Tianshun Supply and CNPC Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNPC Capital and Xinjiang Tianshun 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 Xinjiang Tianshun Supply are associated (or correlated) with CNPC Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNPC Capital has no effect on the direction of Xinjiang Tianshun i.e., Xinjiang Tianshun and CNPC Capital go up and down completely randomly.
Pair Corralation between Xinjiang Tianshun and CNPC Capital
If you would invest 574.00 in CNPC Capital Co on October 15, 2024 and sell it today you would earn a total of 62.00 from holding CNPC Capital Co or generate 10.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.21% |
| Values | Daily Returns |
Xinjiang Tianshun Supply vs. CNPC Capital Co
Performance |
| Timeline |
| Xinjiang Tianshun Supply |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CNPC Capital |
Xinjiang Tianshun and CNPC Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Tianshun and CNPC Capital
The main advantage of trading using opposite Xinjiang Tianshun and CNPC Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Tianshun position performs unexpectedly, CNPC Capital 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 CNPC Capital will offset losses from the drop in CNPC Capital's long position.| Xinjiang Tianshun vs. Tongyu Communication | Xinjiang Tianshun vs. China Mobile Limited | Xinjiang Tianshun vs. Haima Automobile Group | Xinjiang Tianshun vs. Beijing Bewinner Communications |
| CNPC Capital vs. Xinjiang Baodi Mining | CNPC Capital vs. Chengtun Mining Group | CNPC Capital vs. Zoje Resources Investment | CNPC Capital vs. Jointo Energy Investment |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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