Correlation Between Beijing Cisri and Tieling Newcity
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By analyzing existing cross correlation between Beijing Cisri Gaona and Tieling Newcity Investment, you can compare the effects of market volatilities on Beijing Cisri and Tieling Newcity 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 Cisri with a short position of Tieling Newcity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Cisri and Tieling Newcity.
Diversification Opportunities for Beijing Cisri and Tieling Newcity
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beijing and Tieling is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Cisri Gaona and Tieling Newcity Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tieling Newcity Inve and Beijing Cisri 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 Cisri Gaona are associated (or correlated) with Tieling Newcity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tieling Newcity Inve has no effect on the direction of Beijing Cisri i.e., Beijing Cisri and Tieling Newcity go up and down completely randomly.
Pair Corralation between Beijing Cisri and Tieling Newcity
Assuming the 90 days trading horizon Beijing Cisri Gaona is expected to under-perform the Tieling Newcity. But the stock apears to be less risky and, when comparing its historical volatility, Beijing Cisri Gaona is 1.67 times less risky than Tieling Newcity. The stock trades about -0.16 of its potential returns per unit of risk. The Tieling Newcity Investment is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 256.00 in Tieling Newcity Investment on October 17, 2024 and sell it today you would earn a total of 70.00 from holding Tieling Newcity Investment or generate 27.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.62% |
| Values | Daily Returns |
Beijing Cisri Gaona vs. Tieling Newcity Investment
Performance |
| Timeline |
| Beijing Cisri Gaona |
| Tieling Newcity Inve |
Beijing Cisri and Tieling Newcity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Cisri and Tieling Newcity
The main advantage of trading using opposite Beijing Cisri and Tieling Newcity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Cisri position performs unexpectedly, Tieling Newcity 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 Tieling Newcity will offset losses from the drop in Tieling Newcity's long position.| Beijing Cisri vs. Tieling Newcity Investment | Beijing Cisri vs. Chengdu Xingrong Investment | Beijing Cisri vs. Kunwu Jiuding Investment | Beijing Cisri vs. Zoje Resources Investment |
| Tieling Newcity vs. Guangzhou Haozhi Industrial | Tieling Newcity vs. Universal Scientific Industrial | Tieling Newcity vs. Soochow Suzhou Industrial | Tieling Newcity vs. Chengtun Mining Group |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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