Correlation Between Xinjiang Communications and Suwen Electric
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By analyzing existing cross correlation between Xinjiang Communications Construction and Suwen Electric Energy, you can compare the effects of market volatilities on Xinjiang Communications and Suwen Electric 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 Suwen Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Communications and Suwen Electric.
Diversification Opportunities for Xinjiang Communications and Suwen Electric
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Xinjiang and Suwen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Communications Constr and Suwen Electric Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suwen Electric Energy 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 Suwen Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suwen Electric Energy has no effect on the direction of Xinjiang Communications i.e., Xinjiang Communications and Suwen Electric go up and down completely randomly.
Pair Corralation between Xinjiang Communications and Suwen Electric
If you would invest 0.00 in Suwen Electric Energy on October 25, 2024 and sell it today you would earn a total of 0.00 from holding Suwen Electric Energy or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Xinjiang Communications Constr vs. Suwen Electric Energy
Performance |
| Timeline |
| Xinjiang Communications |
| Suwen Electric Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Xinjiang Communications and Suwen Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Communications and Suwen Electric
The main advantage of trading using opposite Xinjiang Communications and Suwen Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Communications position performs unexpectedly, Suwen Electric 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 Suwen Electric will offset losses from the drop in Suwen Electric's long position.The idea behind Xinjiang Communications Construction and Suwen Electric Energy pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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