Correlation Between Xinjiang Baodi and Beijing Jiaman
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Baodi Mining and Beijing Jiaman Dress, you can compare the effects of market volatilities on Xinjiang Baodi and Beijing Jiaman 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 Beijing Jiaman. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Beijing Jiaman.
Diversification Opportunities for Xinjiang Baodi and Beijing Jiaman
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xinjiang and Beijing is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Beijing Jiaman Dress in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Jiaman Dress 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 Beijing Jiaman. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Jiaman Dress has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Beijing Jiaman go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Beijing Jiaman
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to generate 1.26 times more return on investment than Beijing Jiaman. However, Xinjiang Baodi is 1.26 times more volatile than Beijing Jiaman Dress. It trades about 0.02 of its potential returns per unit of risk. Beijing Jiaman Dress is currently generating about 0.0 per unit of risk. If you would invest 604.00 in Xinjiang Baodi Mining on August 28, 2024 and sell it today you would earn a total of 61.00 from holding Xinjiang Baodi Mining or generate 10.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 91.23% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Beijing Jiaman Dress
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Beijing Jiaman Dress |
Xinjiang Baodi and Beijing Jiaman Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Beijing Jiaman
The main advantage of trading using opposite Xinjiang Baodi and Beijing Jiaman positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Beijing Jiaman 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 Beijing Jiaman will offset losses from the drop in Beijing Jiaman's long position.| Xinjiang Baodi vs. Zijin Mining Group | Xinjiang Baodi vs. Wanhua Chemical Group | Xinjiang Baodi vs. Baoshan Iron Steel | Xinjiang Baodi vs. Shandong Gold Mining |
| Beijing Jiaman vs. Industrial and Commercial | Beijing Jiaman vs. Agricultural Bank of | Beijing Jiaman vs. China Construction Bank | Beijing Jiaman vs. Bank of China |
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.
Other Complementary Tools
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| CEOs Directory Screen CEOs from public companies around the world |