Correlation Between Xinjiang Baodi and Guangdong Marubi
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By analyzing existing cross correlation between Xinjiang Baodi Mining and Guangdong Marubi Biotechnology, you can compare the effects of market volatilities on Xinjiang Baodi and Guangdong Marubi 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 Guangdong Marubi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and Guangdong Marubi.
Diversification Opportunities for Xinjiang Baodi and Guangdong Marubi
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xinjiang and Guangdong is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and Guangdong Marubi Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Marubi Bio 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 Guangdong Marubi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Marubi Bio has no effect on the direction of Xinjiang Baodi i.e., Xinjiang Baodi and Guangdong Marubi go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and Guangdong Marubi
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to generate 1.11 times more return on investment than Guangdong Marubi. However, Xinjiang Baodi is 1.11 times more volatile than Guangdong Marubi Biotechnology. It trades about 0.02 of its potential returns per unit of risk. Guangdong Marubi Biotechnology is currently generating about 0.0 per unit of risk. If you would invest 604.00 in Xinjiang Baodi Mining on November 5, 2024 and sell it today you would earn a total of 16.00 from holding Xinjiang Baodi Mining or generate 2.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 96.23% |
| Values | Daily Returns |
Xinjiang Baodi Mining vs. Guangdong Marubi Biotechnology
Performance |
| Timeline |
| Xinjiang Baodi Mining |
| Guangdong Marubi Bio |
Xinjiang Baodi and Guangdong Marubi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinjiang Baodi and Guangdong Marubi
The main advantage of trading using opposite Xinjiang Baodi and Guangdong Marubi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi position performs unexpectedly, Guangdong Marubi 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 Guangdong Marubi will offset losses from the drop in Guangdong Marubi'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 |
| Guangdong Marubi vs. Kweichow Moutai Co | Guangdong Marubi vs. Shenzhen Mindray Bio Medical | Guangdong Marubi vs. Jiangsu Pacific Quartz | Guangdong Marubi vs. G bits Network 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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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