Correlation Between Xinjiang Communications and By Health
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By analyzing existing cross correlation between Xinjiang Communications Construction and By health, you can compare the effects of market volatilities on Xinjiang Communications and By Health 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 Communications with a short position of By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Communications and By Health.
Diversification Opportunities for Xinjiang Communications and By Health
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and 300146 is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Communications Constr and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health and Xinjiang Communications 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 Communications Construction are associated (or correlated) with By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Xinjiang Communications i.e., Xinjiang Communications and By Health go up and down completely randomly.
Pair Corralation between Xinjiang Communications and By Health
Assuming the 90 days trading horizon Xinjiang Communications Construction is expected to generate 1.01 times more return on investment than By Health. However, Xinjiang Communications is 1.01 times more volatile than By health. It trades about 0.15 of its potential returns per unit of risk. By health is currently generating about 0.08 per unit of risk. If you would invest 964.00 in Xinjiang Communications Construction on September 2, 2024 and sell it today you would earn a total of 316.00 from holding Xinjiang Communications Construction or generate 32.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Communications Constr vs. By health
Performance |
| Timeline |
| Xinjiang Communications |
| By health |
Xinjiang Communications and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Communications and By Health
The main advantage of trading using opposite Xinjiang Communications and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Communications position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health's long position.| Xinjiang Communications vs. Ming Yang Smart | Xinjiang Communications vs. 159681 | Xinjiang Communications vs. 159005 | Xinjiang Communications vs. Loctek Ergonomic Technology |
| By Health vs. Guosheng Financial Holding | By Health vs. Jiangsu Financial Leasing | By Health vs. Panda Financial Holding | By Health vs. Linewell Software Co |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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