Correlation Between Xinjiang Tianrun and Tianjin Silvery
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Tianrun Dairy and Tianjin Silvery Dragon, you can compare the effects of market volatilities on Xinjiang Tianrun and Tianjin Silvery 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 Tianjin Silvery. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Tianrun and Tianjin Silvery.
Diversification Opportunities for Xinjiang Tianrun and Tianjin Silvery
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xinjiang and Tianjin is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Tianrun Dairy and Tianjin Silvery Dragon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Silvery Dragon 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 Tianjin Silvery. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Silvery Dragon has no effect on the direction of Xinjiang Tianrun i.e., Xinjiang Tianrun and Tianjin Silvery go up and down completely randomly.
Pair Corralation between Xinjiang Tianrun and Tianjin Silvery
Assuming the 90 days trading horizon Xinjiang Tianrun Dairy is expected to under-perform the Tianjin Silvery. But the stock apears to be less risky and, when comparing its historical volatility, Xinjiang Tianrun Dairy is 1.35 times less risky than Tianjin Silvery. The stock trades about -0.04 of its potential returns per unit of risk. The Tianjin Silvery Dragon is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 594.00 in Tianjin Silvery Dragon on September 2, 2024 and sell it today you would lose (5.00) from holding Tianjin Silvery Dragon or give up 0.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Tianrun Dairy vs. Tianjin Silvery Dragon
Performance |
| Timeline |
| Xinjiang Tianrun Dairy |
| Tianjin Silvery Dragon |
Xinjiang Tianrun and Tianjin Silvery Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Tianrun and Tianjin Silvery
The main advantage of trading using opposite Xinjiang Tianrun and Tianjin Silvery positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Tianrun position performs unexpectedly, Tianjin Silvery 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 Tianjin Silvery will offset losses from the drop in Tianjin Silvery's long position.| Xinjiang Tianrun vs. Jiangxi JDL Environmental | Xinjiang Tianrun vs. Jiugui Liquor Co | Xinjiang Tianrun vs. Guangzhou Tinci Materials | Xinjiang Tianrun vs. Tongxing Environmental Protection |
| Tianjin Silvery vs. Wanhua Chemical Group | Tianjin Silvery vs. Baoshan Iron Steel | Tianjin Silvery vs. Shandong Gold Mining | Tianjin Silvery vs. Rongsheng Petrochemical Co |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |