Correlation Between ButOne Information and Xinhua Winshare
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By analyzing existing cross correlation between ButOne Information Corp and Xinhua Winshare Publishing, you can compare the effects of market volatilities on ButOne Information and Xinhua Winshare 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 ButOne Information with a short position of Xinhua Winshare. Check out your portfolio center. Please also check ongoing floating volatility patterns of ButOne Information and Xinhua Winshare.
Diversification Opportunities for ButOne Information and Xinhua Winshare
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between ButOne and Xinhua is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding ButOne Information Corp and Xinhua Winshare Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinhua Winshare Publ and ButOne Information 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 ButOne Information Corp are associated (or correlated) with Xinhua Winshare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinhua Winshare Publ has no effect on the direction of ButOne Information i.e., ButOne Information and Xinhua Winshare go up and down completely randomly.
Pair Corralation between ButOne Information and Xinhua Winshare
Assuming the 90 days trading horizon ButOne Information Corp is expected to under-perform the Xinhua Winshare. In addition to that, ButOne Information is 1.61 times more volatile than Xinhua Winshare Publishing. It trades about 0.0 of its total potential returns per unit of risk. Xinhua Winshare Publishing is currently generating about 0.03 per unit of volatility. If you would invest 1,373 in Xinhua Winshare Publishing on October 30, 2024 and sell it today you would earn a total of 136.00 from holding Xinhua Winshare Publishing or generate 9.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ButOne Information Corp vs. Xinhua Winshare Publishing
Performance |
| Timeline |
| ButOne Information Corp |
| Xinhua Winshare Publ |
ButOne Information and Xinhua Winshare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ButOne Information and Xinhua Winshare
The main advantage of trading using opposite ButOne Information and Xinhua Winshare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ButOne Information position performs unexpectedly, Xinhua Winshare 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 Xinhua Winshare will offset losses from the drop in Xinhua Winshare's long position.| ButOne Information vs. Wasu Media Holding | ButOne Information vs. Guangzhou Jinyi Media | ButOne Information vs. Shanghai Xinhua Media | ButOne Information vs. Harvest Fund Management |
| Xinhua Winshare vs. Heren Health Co | Xinhua Winshare vs. Impulse Qingdao Health | Xinhua Winshare vs. PKU HealthCare Corp | Xinhua Winshare vs. Sanquan Food 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.
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