Correlation Between Beijing Quanshi and Xizi Clean
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By analyzing existing cross correlation between Beijing Quanshi World and Xizi Clean Energy, you can compare the effects of market volatilities on Beijing Quanshi and Xizi Clean 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 Beijing Quanshi with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Quanshi and Xizi Clean.
Diversification Opportunities for Beijing Quanshi and Xizi Clean
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beijing and Xizi is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Quanshi World and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy and Beijing Quanshi 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 Beijing Quanshi World are associated (or correlated) with Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Beijing Quanshi i.e., Beijing Quanshi and Xizi Clean go up and down completely randomly.
Pair Corralation between Beijing Quanshi and Xizi Clean
Assuming the 90 days trading horizon Beijing Quanshi World is expected to generate 1.64 times more return on investment than Xizi Clean. However, Beijing Quanshi is 1.64 times more volatile than Xizi Clean Energy. It trades about 0.01 of its potential returns per unit of risk. Xizi Clean Energy is currently generating about -0.01 per unit of risk. If you would invest 2,191 in Beijing Quanshi World on October 25, 2024 and sell it today you would lose (322.00) from holding Beijing Quanshi World or give up 14.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Beijing Quanshi World vs. Xizi Clean Energy
Performance |
| Timeline |
| Beijing Quanshi World |
| Xizi Clean Energy |
Beijing Quanshi and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Quanshi and Xizi Clean
The main advantage of trading using opposite Beijing Quanshi and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Quanshi position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Beijing Quanshi vs. Jiangyin Jianghua Microelectronics | Beijing Quanshi vs. CSSC Offshore Marine | Beijing Quanshi vs. Jiangxi Lianchuang Opto electronic | Beijing Quanshi vs. Zhonghang Electronic Measuring |
| Xizi Clean vs. Beijing Mainstreets Investment | Xizi Clean vs. Southchip Semiconductor Technology | Xizi Clean vs. China Sports Industry | Xizi Clean vs. Zhongrun Resources 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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