Correlation Between Guangdong Tengen and Xinjiang Baodi
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By analyzing existing cross correlation between Guangdong Tengen Industrial and Xinjiang Baodi Mining, you can compare the effects of market volatilities on Guangdong Tengen and Xinjiang Baodi 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 Guangdong Tengen with a short position of Xinjiang Baodi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Tengen and Xinjiang Baodi.
Diversification Opportunities for Guangdong Tengen and Xinjiang Baodi
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Guangdong and Xinjiang is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Tengen Industrial and Xinjiang Baodi Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Baodi Mining and Guangdong Tengen 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 Guangdong Tengen Industrial are associated (or correlated) with Xinjiang Baodi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Baodi Mining has no effect on the direction of Guangdong Tengen i.e., Guangdong Tengen and Xinjiang Baodi go up and down completely randomly.
Pair Corralation between Guangdong Tengen and Xinjiang Baodi
If you would invest 0.00 in Guangdong Tengen Industrial on October 23, 2024 and sell it today you would earn a total of 0.00 from holding Guangdong Tengen Industrial 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 |
Guangdong Tengen Industrial vs. Xinjiang Baodi Mining
Performance |
| Timeline |
| Guangdong Tengen Ind |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Xinjiang Baodi Mining |
Guangdong Tengen and Xinjiang Baodi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Tengen and Xinjiang Baodi
The main advantage of trading using opposite Guangdong Tengen and Xinjiang Baodi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Tengen position performs unexpectedly, Xinjiang Baodi 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 Xinjiang Baodi will offset losses from the drop in Xinjiang Baodi's long position.| Guangdong Tengen vs. Chengtun Mining Group | Guangdong Tengen vs. Tibet Huayu Mining | Guangdong Tengen vs. Uroica Mining Safety | Guangdong Tengen vs. Aba Chemicals Corp |
| Xinjiang Baodi vs. Eastern Communications Co | Xinjiang Baodi vs. Wuhan Yangtze Communication | Xinjiang Baodi vs. Fujian Newland Computer | Xinjiang Baodi vs. Kuang Chi Technologies |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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