Correlation Between Xinjiang Baodi and Tangel Publishing
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By analyzing existing cross correlation between Xinjiang Baodi Mining and Tangel Publishing, you can compare the effects of market volatilities on Xinjiang Baodi and Tangel Publishing 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 Baodi with a short position of Tangel Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Tangel Publishing.
Diversification Opportunities for Xinjiang Baodi and Tangel Publishing
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Xinjiang and Tangel is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Tangel Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tangel Publishing and Xinjiang Baodi 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 Baodi Mining are associated (or correlated) with Tangel Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tangel Publishing has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Tangel Publishing go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Tangel Publishing
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to generate 0.93 times more return on investment than Tangel Publishing. However, Xinjiang Baodi Mining is 1.07 times less risky than Tangel Publishing. It trades about -0.13 of its potential returns per unit of risk. Tangel Publishing is currently generating about -0.13 per unit of risk. If you would invest 671.00 in Xinjiang Baodi Mining on October 25, 2024 and sell it today you would lose (59.00) from holding Xinjiang Baodi Mining or give up 8.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Tangel Publishing
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Tangel Publishing |
Xinjiang Baodi and Tangel Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Tangel Publishing
The main advantage of trading using opposite Xinjiang Baodi and Tangel Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Tangel Publishing 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 Tangel Publishing will offset losses from the drop in Tangel Publishing's long position.| Xinjiang Baodi vs. Zijin Mining Group | Xinjiang Baodi vs. Wanhua Chemical Group | Xinjiang Baodi vs. Baoshan Iron Steel | Xinjiang Baodi vs. Rongsheng Petrochemical Co |
| Tangel Publishing vs. Zotye Automobile Co | Tangel Publishing vs. Xiangyang Automobile Bearing | Tangel Publishing vs. Shenyang Huitian Thermal | Tangel Publishing vs. Shengda Mining 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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