Correlation Between Digiwin Software and Xiamen East
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By analyzing existing cross correlation between Digiwin Software Co and Xiamen East Asia, you can compare the effects of market volatilities on Digiwin Software and Xiamen East 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 Xiamen East. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digiwin Software and Xiamen East.
Diversification Opportunities for Digiwin Software and Xiamen East
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Digiwin and Xiamen is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Digiwin Software Co and Xiamen East Asia in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen East Asia 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 Xiamen East. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen East Asia has no effect on the direction of Digiwin Software i.e., Digiwin Software and Xiamen East go up and down completely randomly.
Pair Corralation between Digiwin Software and Xiamen East
Assuming the 90 days trading horizon Digiwin Software Co is expected to generate 2.08 times more return on investment than Xiamen East. However, Digiwin Software is 2.08 times more volatile than Xiamen East Asia. It trades about 0.3 of its potential returns per unit of risk. Xiamen East Asia is currently generating about 0.14 per unit of risk. If you would invest 2,472 in Digiwin Software Co on November 3, 2024 and sell it today you would earn a total of 820.00 from holding Digiwin Software Co or generate 33.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digiwin Software Co vs. Xiamen East Asia
Performance |
| Timeline |
| Digiwin Software |
| Xiamen East Asia |
Digiwin Software and Xiamen East Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digiwin Software and Xiamen East
The main advantage of trading using opposite Digiwin Software and Xiamen East positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digiwin Software position performs unexpectedly, Xiamen East 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 Xiamen East will offset losses from the drop in Xiamen East's long position.| Digiwin Software vs. Harbin Hatou Investment | Digiwin Software vs. Iat Automobile Technology | Digiwin Software vs. Montage Technology Co | Digiwin Software vs. Henan Shuanghui Investment |
| Xiamen East vs. Caihong Display Devices | Xiamen East vs. Sino Medical Sciences | Xiamen East vs. Allmed Medical Products | Xiamen East vs. Winner Medical Co |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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