Correlation Between Xinjiang Tianrun and Dongxing Sec
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Tianrun Dairy and Dongxing Sec Co, you can compare the effects of market volatilities on Xinjiang Tianrun and Dongxing Sec 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 Dongxing Sec. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Tianrun and Dongxing Sec.
Diversification Opportunities for Xinjiang Tianrun and Dongxing Sec
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinjiang and Dongxing is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Tianrun Dairy and Dongxing Sec Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dongxing Sec 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 Dongxing Sec. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dongxing Sec has no effect on the direction of Xinjiang Tianrun i.e., Xinjiang Tianrun and Dongxing Sec go up and down completely randomly.
Pair Corralation between Xinjiang Tianrun and Dongxing Sec
Assuming the 90 days trading horizon Xinjiang Tianrun Dairy is expected to generate about the same return on investment as Dongxing Sec Co. But, Xinjiang Tianrun Dairy is 1.18 times less risky than Dongxing Sec. It trades about 0.34 of its potential returns per unit of risk. Dongxing Sec Co is currently generating about 0.29 per unit of risk. If you would invest 1,062 in Dongxing Sec Co on November 28, 2024 and sell it today you would earn a total of 100.00 from holding Dongxing Sec Co or generate 9.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.12% |
| Values | Daily Returns |
Xinjiang Tianrun Dairy vs. Dongxing Sec Co
Performance |
| Timeline |
| Xinjiang Tianrun Dairy |
| Dongxing Sec |
Xinjiang Tianrun and Dongxing Sec Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Tianrun and Dongxing Sec
The main advantage of trading using opposite Xinjiang Tianrun and Dongxing Sec positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Tianrun position performs unexpectedly, Dongxing Sec 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 Dongxing Sec will offset losses from the drop in Dongxing Sec's long position.| Xinjiang Tianrun vs. Ningbo Fangzheng Automobile | Xinjiang Tianrun vs. Guangzhou Automobile Group | Xinjiang Tianrun vs. Shenzhen Zqgame | Xinjiang Tianrun vs. Dongfeng Automobile Co |
| Dongxing Sec vs. Chongqing Brewery Co | Dongxing Sec vs. Eastroc Beverage Group | Dongxing Sec vs. Guangdong Ellington Electronics | Dongxing Sec vs. Sunwoda Electronic |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stocks Directory Find actively traded stocks across global markets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |