Correlation Between Hubei Geoway and Xiamen Jihong
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hubei Geoway Investment and Xiamen Jihong Package, you can compare the effects of market volatilities on Hubei Geoway and Xiamen Jihong 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 Hubei Geoway with a short position of Xiamen Jihong. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Xiamen Jihong.
Diversification Opportunities for Hubei Geoway and Xiamen Jihong
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hubei and Xiamen is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment and Xiamen Jihong Package in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Jihong Package and Hubei Geoway 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 Hubei Geoway Investment are associated (or correlated) with Xiamen Jihong. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Jihong Package has no effect on the direction of Hubei Geoway i.e., Hubei Geoway and Xiamen Jihong go up and down completely randomly.
Pair Corralation between Hubei Geoway and Xiamen Jihong
Assuming the 90 days trading horizon Hubei Geoway Investment is expected to under-perform the Xiamen Jihong. But the stock apears to be less risky and, when comparing its historical volatility, Hubei Geoway Investment is 1.21 times less risky than Xiamen Jihong. The stock trades about -0.01 of its potential returns per unit of risk. The Xiamen Jihong Package is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,493 in Xiamen Jihong Package on October 16, 2024 and sell it today you would lose (236.00) from holding Xiamen Jihong Package or give up 15.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Geoway Investment vs. Xiamen Jihong Package
Performance |
| Timeline |
| Hubei Geoway Investment |
| Xiamen Jihong Package |
Hubei Geoway and Xiamen Jihong Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and Xiamen Jihong
The main advantage of trading using opposite Hubei Geoway and Xiamen Jihong positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway position performs unexpectedly, Xiamen Jihong 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 Xiamen Jihong will offset losses from the drop in Xiamen Jihong's long position.| Hubei Geoway vs. Quectel Wireless Solutions | Hubei Geoway vs. Sichuan Fulin Transportation | Hubei Geoway vs. Songz Automobile Air | Hubei Geoway vs. Silkroad Visual Technology |
| Xiamen Jihong vs. Giantec Semiconductor Corp | Xiamen Jihong vs. Eastroc Beverage Group | Xiamen Jihong vs. GigaDevice SemiconductorBeiji | Xiamen Jihong vs. Beijing Sanyuan Foods |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |