Correlation Between Xinjiang Sailing and Heilongjiang Publishing
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Sailing Information and Heilongjiang Publishing Media, you can compare the effects of market volatilities on Xinjiang Sailing and Heilongjiang Publishing 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 Xinjiang Sailing with a short position of Heilongjiang Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Sailing and Heilongjiang Publishing.
Diversification Opportunities for Xinjiang Sailing and Heilongjiang Publishing
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinjiang and Heilongjiang is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Sailing Information and Heilongjiang Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Publishing and Xinjiang Sailing 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 Xinjiang Sailing Information are associated (or correlated) with Heilongjiang Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Publishing has no effect on the direction of Xinjiang Sailing i.e., Xinjiang Sailing and Heilongjiang Publishing go up and down completely randomly.
Pair Corralation between Xinjiang Sailing and Heilongjiang Publishing
Assuming the 90 days trading horizon Xinjiang Sailing is expected to generate 1.0 times less return on investment than Heilongjiang Publishing. In addition to that, Xinjiang Sailing is 1.11 times more volatile than Heilongjiang Publishing Media. It trades about 0.03 of its total potential returns per unit of risk. Heilongjiang Publishing Media is currently generating about 0.04 per unit of volatility. If you would invest 1,033 in Heilongjiang Publishing Media on October 23, 2024 and sell it today you would earn a total of 365.00 from holding Heilongjiang Publishing Media or generate 35.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Sailing Information vs. Heilongjiang Publishing Media
Performance |
| Timeline |
| Xinjiang Sailing Inf |
| Heilongjiang Publishing |
Xinjiang Sailing and Heilongjiang Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Sailing and Heilongjiang Publishing
The main advantage of trading using opposite Xinjiang Sailing and Heilongjiang Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Sailing position performs unexpectedly, Heilongjiang Publishing 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 Heilongjiang Publishing will offset losses from the drop in Heilongjiang Publishing's long position.| Xinjiang Sailing vs. BeiGene | Xinjiang Sailing vs. Kweichow Moutai Co | Xinjiang Sailing vs. Beijing Roborock Technology | Xinjiang Sailing vs. G bits Network 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |