Correlation Between Pengxin International and Xizi Clean
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By analyzing existing cross correlation between Pengxin International Mining and Xizi Clean Energy, you can compare the effects of market volatilities on Pengxin International and Xizi Clean 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 Pengxin International with a short position of Xizi Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pengxin International and Xizi Clean.
Diversification Opportunities for Pengxin International and Xizi Clean
0.06 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Pengxin and Xizi is 0.06. Overlapping area represents the amount of risk that can be diversified away by holding Pengxin International Mining and Xizi Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xizi Clean Energy and Pengxin International 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 Pengxin International Mining are associated (or correlated) with Xizi Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xizi Clean Energy has no effect on the direction of Pengxin International i.e., Pengxin International and Xizi Clean go up and down completely randomly.
Pair Corralation between Pengxin International and Xizi Clean
Assuming the 90 days trading horizon Pengxin International Mining is expected to under-perform the Xizi Clean. In addition to that, Pengxin International is 1.34 times more volatile than Xizi Clean Energy. It trades about 0.0 of its total potential returns per unit of risk. Xizi Clean Energy is currently generating about 0.05 per unit of volatility. If you would invest 988.00 in Xizi Clean Energy on October 14, 2024 and sell it today you would earn a total of 210.00 from holding Xizi Clean Energy or generate 21.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pengxin International Mining vs. Xizi Clean Energy
Performance |
| Timeline |
| Pengxin International |
| Xizi Clean Energy |
Pengxin International and Xizi Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pengxin International and Xizi Clean
The main advantage of trading using opposite Pengxin International and Xizi Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pengxin International position performs unexpectedly, Xizi Clean 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 Xizi Clean will offset losses from the drop in Xizi Clean's long position.| Pengxin International vs. Vohringer Home Technology | Pengxin International vs. Ningbo Kangqiang Electronics | Pengxin International vs. Oppein Home Group | Pengxin International vs. Shandong Homey Aquatic |
| Xizi Clean vs. Anhui Xinhua Media | Xizi Clean vs. Pengxin International Mining | Xizi Clean vs. Omnijoi Media Corp | Xizi Clean vs. Guangdong Jingyi Metal |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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