Correlation Between Iat Automobile and Xizi Clean
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By analyzing existing cross correlation between Iat Automobile Technology and Xizi Clean Energy, you can compare the effects of market volatilities on Iat Automobile and Xizi Clean 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 Iat Automobile with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Xizi Clean.
Diversification Opportunities for Iat Automobile and Xizi Clean
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Iat and Xizi is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile Technology and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy and Iat Automobile 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 Iat Automobile Technology are associated (or correlated) with Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Iat Automobile i.e., Iat Automobile and Xizi Clean go up and down completely randomly.
Pair Corralation between Iat Automobile and Xizi Clean
Assuming the 90 days trading horizon Iat Automobile Technology is expected to under-perform the Xizi Clean. In addition to that, Iat Automobile is 1.13 times more volatile than Xizi Clean Energy. It trades about -0.19 of its total potential returns per unit of risk. Xizi Clean Energy is currently generating about 0.07 per unit of volatility. If you would invest 1,161 in Xizi Clean Energy on October 14, 2024 and sell it today you would earn a total of 37.00 from holding Xizi Clean Energy or generate 3.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Iat Automobile Technology vs. Xizi Clean Energy
Performance |
| Timeline |
| Iat Automobile Technology |
| Xizi Clean Energy |
Iat Automobile and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Xizi Clean
The main advantage of trading using opposite Iat Automobile and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Iat Automobile vs. Zhongrun Resources Investment | Iat Automobile vs. Allgens Medical Technology | Iat Automobile vs. Shanghai Material Trading | Iat Automobile vs. Harbin Hatou Investment |
| Xizi Clean vs. State Grid InformationCommunication | Xizi Clean vs. Do Fluoride Chemicals Co | Xizi Clean vs. Shenzhen Noposion Agrochemicals | Xizi Clean vs. Sportsoul Co Ltd |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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