Correlation Between Techshine Electronics and XinJiang GuoTong
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By analyzing existing cross correlation between Techshine Electronics Co and XinJiang GuoTong Pipeline, you can compare the effects of market volatilities on Techshine Electronics 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 Techshine Electronics with a short position of XinJiang GuoTong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Techshine Electronics and XinJiang GuoTong.
Diversification Opportunities for Techshine Electronics and XinJiang GuoTong
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Techshine and XinJiang is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Techshine Electronics 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 Techshine 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 Techshine Electronics 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 Techshine Electronics i.e., Techshine Electronics and XinJiang GuoTong go up and down completely randomly.
Pair Corralation between Techshine Electronics and XinJiang GuoTong
Assuming the 90 days trading horizon Techshine Electronics Co is expected to generate 1.09 times more return on investment than XinJiang GuoTong. However, Techshine Electronics is 1.09 times more volatile than XinJiang GuoTong Pipeline. It trades about 0.02 of its potential returns per unit of risk. XinJiang GuoTong Pipeline is currently generating about -0.01 per unit of risk. If you would invest 1,970 in Techshine Electronics Co on November 4, 2024 and sell it today you would earn a total of 129.00 from holding Techshine Electronics Co or generate 6.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Techshine Electronics Co vs. XinJiang GuoTong Pipeline
Performance |
| Timeline |
| Techshine Electronics |
| XinJiang GuoTong Pipeline |
Techshine Electronics and XinJiang GuoTong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Techshine Electronics and XinJiang GuoTong
The main advantage of trading using opposite Techshine Electronics and XinJiang GuoTong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Techshine Electronics 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.| Techshine Electronics vs. Beijing Kingsoft Office | Techshine Electronics vs. Ye Chiu Metal | Techshine Electronics vs. Tongling Nonferrous Metals | Techshine Electronics vs. ZYF Lopsking Aluminum |
| XinJiang GuoTong vs. Easyhome New Retail | XinJiang GuoTong vs. TongFu Microelectronics Co | XinJiang GuoTong vs. Bosera CMSK Industrial | XinJiang GuoTong vs. Guangdong Jingyi Metal |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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