Correlation Between Xinke Material and GigaDevice SemiconductorBei
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinke Material and GigaDevice SemiconductorBeiji, you can compare the effects of market volatilities on Xinke Material and GigaDevice SemiconductorBei 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 Xinke Material with a short position of GigaDevice SemiconductorBei. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinke Material and GigaDevice SemiconductorBei.
Diversification Opportunities for Xinke Material and GigaDevice SemiconductorBei
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xinke and GigaDevice is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Xinke Material and GigaDevice SemiconductorBeiji in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GigaDevice SemiconductorBei and Xinke Material 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 Xinke Material are associated (or correlated) with GigaDevice SemiconductorBei. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GigaDevice SemiconductorBei has no effect on the direction of Xinke Material i.e., Xinke Material and GigaDevice SemiconductorBei go up and down completely randomly.
Pair Corralation between Xinke Material and GigaDevice SemiconductorBei
Assuming the 90 days trading horizon Xinke Material is expected to generate 1.05 times more return on investment than GigaDevice SemiconductorBei. However, Xinke Material is 1.05 times more volatile than GigaDevice SemiconductorBeiji. It trades about -0.01 of its potential returns per unit of risk. GigaDevice SemiconductorBeiji is currently generating about -0.05 per unit of risk. If you would invest 399.00 in Xinke Material on December 8, 2024 and sell it today you would lose (7.00) from holding Xinke Material or give up 1.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinke Material vs. GigaDevice SemiconductorBeiji
Performance |
| Timeline |
| Xinke Material |
| GigaDevice SemiconductorBei |
Xinke Material and GigaDevice SemiconductorBei Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinke Material and GigaDevice SemiconductorBei
The main advantage of trading using opposite Xinke Material and GigaDevice SemiconductorBei positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinke Material position performs unexpectedly, GigaDevice SemiconductorBei 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 GigaDevice SemiconductorBei will offset losses from the drop in GigaDevice SemiconductorBei's long position.| Xinke Material vs. XCMG Construction Machinery | ||
| Xinke Material vs. Lutian Machinery Co | ||
| Xinke Material vs. Hefei Metalforming Mach | ||
| Xinke Material vs. Senci Electric Machinery |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| CEOs Directory Screen CEOs from public companies around the world |