Correlation Between Marssenger Kitchenware and XinJiang GuoTong
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By analyzing existing cross correlation between Marssenger Kitchenware Co and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Marssenger Kitchenware 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 Marssenger Kitchenware with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marssenger Kitchenware and XinJiang GuoTong.
Diversification Opportunities for Marssenger Kitchenware and XinJiang GuoTong
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Marssenger and XinJiang is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Marssenger Kitchenware 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 Marssenger Kitchenware 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 Marssenger Kitchenware 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 Marssenger Kitchenware i.e., Marssenger Kitchenware and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Marssenger Kitchenware and XinJiang GuoTong
Assuming the 90 days trading horizon Marssenger Kitchenware Co is expected to generate 1.32 times more return on investment than XinJiang GuoTong. However, Marssenger Kitchenware is 1.32 times more volatile than XinJiang GuoTong Pipeline. It trades about 0.06 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about 0.05 per unit of risk. If you would invest 1,059 in Marssenger Kitchenware Co on September 1, 2024 and sell it today you would earn a total of 484.00 from holding Marssenger Kitchenware Co or generate 45.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Marssenger Kitchenware Co vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Marssenger Kitchenware |
| XinJiang GuoTong Pipeline |
Marssenger Kitchenware and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marssenger Kitchenware and XinJiang GuoTong
The main advantage of trading using opposite Marssenger Kitchenware and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marssenger Kitchenware 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.| Marssenger Kitchenware vs. Kweichow Moutai Co | Marssenger Kitchenware vs. NAURA Technology Group | Marssenger Kitchenware vs. Zhejiang Orient Gene | Marssenger Kitchenware vs. APT Medical |
| XinJiang GuoTong vs. Industrial and Commercial | XinJiang GuoTong vs. Agricultural Bank of | XinJiang GuoTong vs. China Construction Bank | XinJiang GuoTong vs. Bank of China |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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