Correlation Between Xinjiang Baodi and Inly Media
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By analyzing existing cross correlation between Xinjiang Baodi Mining and Inly Media Co, you can compare the effects of market volatilities on Xinjiang Baodi and Inly Media 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 Inly Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Inly Media.
Diversification Opportunities for Xinjiang Baodi and Inly Media
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Xinjiang and Inly is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Inly Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Inly Media 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 Inly Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Inly Media has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Inly Media go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Inly Media
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to generate 0.62 times more return on investment than Inly Media. However, Xinjiang Baodi Mining is 1.62 times less risky than Inly Media. It trades about 0.15 of its potential returns per unit of risk. Inly Media Co is currently generating about 0.07 per unit of risk. If you would invest 619.00 in Xinjiang Baodi Mining on September 1, 2024 and sell it today you would earn a total of 52.00 from holding Xinjiang Baodi Mining or generate 8.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Inly Media Co
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Inly Media |
Xinjiang Baodi and Inly Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Inly Media
The main advantage of trading using opposite Xinjiang Baodi and Inly Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Inly Media 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 Inly Media will offset losses from the drop in Inly Media'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 |
| Inly Media vs. Ming Yang Smart | Inly Media vs. 159681 | Inly Media vs. 159005 | Inly Media vs. Loctek Ergonomic Technology |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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