Correlation Between YiDong Electronics and Xizi Clean
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By analyzing existing cross correlation between YiDong Electronics Technology and Xizi Clean Energy, you can compare the effects of market volatilities on YiDong Electronics 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 YiDong Electronics with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of YiDong Electronics and Xizi Clean.
Diversification Opportunities for YiDong Electronics and Xizi Clean
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between YiDong and Xizi is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding YiDong Electronics 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 YiDong Electronics 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 YiDong Electronics 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 YiDong Electronics i.e., YiDong Electronics and Xizi Clean go up and down completely randomly.
Pair Corralation between YiDong Electronics and Xizi Clean
Assuming the 90 days trading horizon YiDong Electronics is expected to generate 1.44 times less return on investment than Xizi Clean. In addition to that, YiDong Electronics is 1.83 times more volatile than Xizi Clean Energy. It trades about 0.08 of its total potential returns per unit of risk. Xizi Clean Energy is currently generating about 0.21 per unit of volatility. If you would invest 1,079 in Xizi Clean Energy on November 3, 2024 and sell it today you would earn a total of 146.00 from holding Xizi Clean Energy or generate 13.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YiDong Electronics Technology vs. Xizi Clean Energy
Performance |
| Timeline |
| YiDong Electronics |
| Xizi Clean Energy |
YiDong Electronics and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YiDong Electronics and Xizi Clean
The main advantage of trading using opposite YiDong Electronics and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YiDong Electronics 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.| YiDong Electronics vs. Henan Shuanghui Investment | YiDong Electronics vs. Hainan Haiqi Transportation | YiDong Electronics vs. Harson Trading China | YiDong Electronics vs. Tieling Newcity Investment |
| Xizi Clean vs. AUPU Home Style | Xizi Clean vs. Mengtian Home Group | Xizi Clean vs. Anhui Jianghuai Automobile | Xizi Clean vs. Queclink Wireless Solutions |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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