Correlation Between Xinjiang Tianrun and Heilongjiang Transport
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By analyzing existing cross correlation between Xinjiang Tianrun Dairy and Heilongjiang Transport Development, you can compare the effects of market volatilities on Xinjiang Tianrun and Heilongjiang Transport 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 Xinjiang Tianrun with a short position of Heilongjiang Transport. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Tianrun and Heilongjiang Transport.
Diversification Opportunities for Xinjiang Tianrun and Heilongjiang Transport
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xinjiang and Heilongjiang is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Tianrun Dairy and Heilongjiang Transport Develop in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heilongjiang Transport and Xinjiang Tianrun 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 Xinjiang Tianrun Dairy are associated (or correlated) with Heilongjiang Transport. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heilongjiang Transport has no effect on the direction of Xinjiang Tianrun i.e., Xinjiang Tianrun and Heilongjiang Transport go up and down completely randomly.
Pair Corralation between Xinjiang Tianrun and Heilongjiang Transport
Assuming the 90 days trading horizon Xinjiang Tianrun Dairy is expected to generate 1.31 times more return on investment than Heilongjiang Transport. However, Xinjiang Tianrun is 1.31 times more volatile than Heilongjiang Transport Development. It trades about 0.21 of its potential returns per unit of risk. Heilongjiang Transport Development is currently generating about 0.18 per unit of risk. If you would invest 849.00 in Xinjiang Tianrun Dairy on August 24, 2024 and sell it today you would earn a total of 93.00 from holding Xinjiang Tianrun Dairy or generate 10.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Tianrun Dairy vs. Heilongjiang Transport Develop
Performance |
| Timeline |
| Xinjiang Tianrun Dairy |
| Heilongjiang Transport |
Xinjiang Tianrun and Heilongjiang Transport Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Tianrun and Heilongjiang Transport
The main advantage of trading using opposite Xinjiang Tianrun and Heilongjiang Transport positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Tianrun position performs unexpectedly, Heilongjiang Transport 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 Heilongjiang Transport will offset losses from the drop in Heilongjiang Transport's long position.| Xinjiang Tianrun vs. Air China Ltd | Xinjiang Tianrun vs. Eastern Air Logistics | Xinjiang Tianrun vs. Xiamen Bank Co | Xinjiang Tianrun vs. Guangzhou Shangpin Home |
| Heilongjiang Transport vs. Sanbo Hospital Management | Heilongjiang Transport vs. Harbin Hatou Investment | Heilongjiang Transport vs. Cicc Fund Management | Heilongjiang Transport vs. Huaxia Fund Management |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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