Correlation Between Sublime China and Xinjiang Baodi
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By analyzing existing cross correlation between Sublime China Information and Xinjiang Baodi Mining, you can compare the effects of market volatilities on Sublime China and Xinjiang Baodi 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 Sublime China with a short position of Xinjiang Baodi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sublime China and Xinjiang Baodi.
Diversification Opportunities for Sublime China and Xinjiang Baodi
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Sublime and Xinjiang is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Sublime China Information and Xinjiang Baodi Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinjiang Baodi Mining and Sublime China 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 Sublime China Information are associated (or correlated) with Xinjiang Baodi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinjiang Baodi Mining has no effect on the direction of Sublime China i.e., Sublime China and Xinjiang Baodi go up and down completely randomly.
Pair Corralation between Sublime China and Xinjiang Baodi
Assuming the 90 days trading horizon Sublime China Information is expected to under-perform the Xinjiang Baodi. In addition to that, Sublime China is 1.6 times more volatile than Xinjiang Baodi Mining. It trades about -0.08 of its total potential returns per unit of risk. Xinjiang Baodi Mining is currently generating about 0.04 per unit of volatility. If you would invest 662.00 in Xinjiang Baodi Mining on October 10, 2024 and sell it today you would earn a total of 9.00 from holding Xinjiang Baodi Mining or generate 1.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sublime China Information vs. Xinjiang Baodi Mining
Performance |
| Timeline |
| Sublime China Information |
| Xinjiang Baodi Mining |
Sublime China and Xinjiang Baodi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sublime China and Xinjiang Baodi
The main advantage of trading using opposite Sublime China and Xinjiang Baodi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sublime China position performs unexpectedly, Xinjiang Baodi 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 Baodi will offset losses from the drop in Xinjiang Baodi's long position.| Sublime China vs. Jinhui Liquor Co | Sublime China vs. Ningbo Ligong Online | Sublime China vs. Vats Liquor Chain | Sublime China vs. Shenwu Energy Saving |
| Xinjiang Baodi vs. Zijin Mining Group | Xinjiang Baodi vs. Wanhua Chemical Group | Xinjiang Baodi vs. Baoshan Iron Steel | Xinjiang Baodi vs. Shandong Gold Mining |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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