Correlation Between Xinjiang Baodi and Ye Chiu
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By analyzing existing cross correlation between Xinjiang Baodi Mining and Ye Chiu Metal, you can compare the effects of market volatilities on Xinjiang Baodi and Ye Chiu 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 Ye Chiu. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Ye Chiu.
Diversification Opportunities for Xinjiang Baodi and Ye Chiu
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xinjiang and 601388 is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Ye Chiu Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ye Chiu Metal 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 Ye Chiu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ye Chiu Metal has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Ye Chiu go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Ye Chiu
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to generate 0.83 times more return on investment than Ye Chiu. However, Xinjiang Baodi Mining is 1.21 times less risky than Ye Chiu. It trades about 0.05 of its potential returns per unit of risk. Ye Chiu Metal is currently generating about 0.04 per unit of risk. If you would invest 607.00 in Xinjiang Baodi Mining on September 1, 2024 and sell it today you would earn a total of 64.00 from holding Xinjiang Baodi Mining or generate 10.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Ye Chiu Metal
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Ye Chiu Metal |
Xinjiang Baodi and Ye Chiu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Ye Chiu
The main advantage of trading using opposite Xinjiang Baodi and Ye Chiu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Ye Chiu 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 Ye Chiu will offset losses from the drop in Ye Chiu'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 |
| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Shandong Gold Mining |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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