Correlation Between Yili Chuanning and XinJiang GuoTong
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By analyzing existing cross correlation between Yili Chuanning Biotechnology and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Yili Chuanning 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 Yili Chuanning with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yili Chuanning and XinJiang GuoTong.
Diversification Opportunities for Yili Chuanning and XinJiang GuoTong
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Yili and XinJiang is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Yili Chuanning Biotechnology 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 Yili Chuanning 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 Yili Chuanning Biotechnology 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 Yili Chuanning i.e., Yili Chuanning and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Yili Chuanning and XinJiang GuoTong
Assuming the 90 days trading horizon Yili Chuanning Biotechnology is expected to generate 0.3 times more return on investment than XinJiang GuoTong. However, Yili Chuanning Biotechnology is 3.37 times less risky than XinJiang GuoTong. It trades about -0.39 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.26 per unit of risk. If you would invest 1,264 in Yili Chuanning Biotechnology on October 16, 2024 and sell it today you would lose (137.00) from holding Yili Chuanning Biotechnology or give up 10.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Yili Chuanning Biotechnology vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Yili Chuanning Biote |
| XinJiang GuoTong Pipeline |
Yili Chuanning and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yili Chuanning and XinJiang GuoTong
The main advantage of trading using opposite Yili Chuanning and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yili Chuanning 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.| Yili Chuanning vs. State Grid InformationCommunication | Yili Chuanning vs. East Money Information | Yili Chuanning vs. Shenzhen SDG Information | Yili Chuanning vs. Guilin Seamild Foods |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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