Correlation Between Panda Financial and Xinhua Winshare
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By analyzing existing cross correlation between Panda Financial Holding and Xinhua Winshare Publishing, you can compare the effects of market volatilities on Panda Financial 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 Panda Financial with a short position of Xinhua Winshare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Panda Financial and Xinhua Winshare.
Diversification Opportunities for Panda Financial and Xinhua Winshare
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Panda and Xinhua is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Panda Financial Holding 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 Panda Financial 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 Panda Financial Holding 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 Panda Financial i.e., Panda Financial and Xinhua Winshare go up and down completely randomly.
Pair Corralation between Panda Financial and Xinhua Winshare
Assuming the 90 days trading horizon Panda Financial Holding is expected to generate 1.73 times more return on investment than Xinhua Winshare. However, Panda Financial is 1.73 times more volatile than Xinhua Winshare Publishing. It trades about 0.17 of its potential returns per unit of risk. Xinhua Winshare Publishing is currently generating about 0.03 per unit of risk. If you would invest 1,160 in Panda Financial Holding on September 13, 2024 and sell it today you would earn a total of 260.00 from holding Panda Financial Holding or generate 22.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Panda Financial Holding vs. Xinhua Winshare Publishing
Performance |
| Timeline |
| Panda Financial Holding |
| Xinhua Winshare Publ |
Panda Financial and Xinhua Winshare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Panda Financial and Xinhua Winshare
The main advantage of trading using opposite Panda Financial and Xinhua Winshare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Panda Financial 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.| Panda Financial vs. Kweichow Moutai Co | Panda Financial vs. Contemporary Amperex Technology | Panda Financial vs. G bits Network Technology | Panda Financial vs. BYD Co Ltd |
| Xinhua Winshare vs. Panda Financial Holding | Xinhua Winshare vs. Blue Sail Medical | Xinhua Winshare vs. Agricultural Bank of | Xinhua Winshare vs. Beijing Wandong Medical |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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