Correlation Between Digiwin Software and XinJiang GuoTong
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By analyzing existing cross correlation between Digiwin Software Co and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Digiwin Software and XinJiang GuoTong 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 Digiwin Software with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digiwin Software and XinJiang GuoTong.
Diversification Opportunities for Digiwin Software and XinJiang GuoTong
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Digiwin and XinJiang is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Digiwin Software Co and XinJiang GuoTong Pipeline in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XinJiang GuoTong Pipeline and Digiwin Software 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 Digiwin Software Co are associated (or correlated) with XinJiang GuoTong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XinJiang GuoTong Pipeline has no effect on the direction of Digiwin Software i.e., Digiwin Software and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Digiwin Software and XinJiang GuoTong
Assuming the 90 days trading horizon Digiwin Software Co is expected to under-perform the XinJiang GuoTong. But the stock apears to be less risky and, when comparing its historical volatility, Digiwin Software Co is 1.45 times less risky than XinJiang GuoTong. The stock trades about -0.35 of its potential returns per unit of risk. The XinJiang GuoTong Pipeline is currently generating about -0.24 of returns per unit of risk over similar time horizon. If you would invest 1,010 in XinJiang GuoTong Pipeline on October 14, 2024 and sell it today you would lose (230.00) from holding XinJiang GuoTong Pipeline or give up 22.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digiwin Software Co vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Digiwin Software |
| XinJiang GuoTong Pipeline |
Digiwin Software and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digiwin Software and XinJiang GuoTong
The main advantage of trading using opposite Digiwin Software and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digiwin Software position performs unexpectedly, XinJiang GuoTong 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 GuoTong will offset losses from the drop in XinJiang GuoTong's long position.| Digiwin Software vs. Shenyang Chemical Industry | Digiwin Software vs. Xilong Chemical Co | Digiwin Software vs. Pengxin International Mining | Digiwin Software vs. Guangzhou Haozhi Industrial |
| XinJiang GuoTong vs. Nanxing Furniture Machinery | XinJiang GuoTong vs. Digiwin Software Co | XinJiang GuoTong vs. Hunan Tyen Machinery | XinJiang GuoTong vs. Tianjin Ruixin Technology |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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