Correlation Between Ye Chiu and Xiamen Bank
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By analyzing existing cross correlation between Ye Chiu Metal and Xiamen Bank Co, you can compare the effects of market volatilities on Ye Chiu and Xiamen Bank 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 Ye Chiu with a short position of Xiamen Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Xiamen Bank.
Diversification Opportunities for Ye Chiu and Xiamen Bank
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between 601388 and Xiamen is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Xiamen Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiamen Bank and Ye Chiu 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 Ye Chiu Metal are associated (or correlated) with Xiamen Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiamen Bank has no effect on the direction of Ye Chiu i.e., Ye Chiu and Xiamen Bank go up and down completely randomly.
Pair Corralation between Ye Chiu and Xiamen Bank
Assuming the 90 days trading horizon Ye Chiu Metal is expected to under-perform the Xiamen Bank. In addition to that, Ye Chiu is 1.01 times more volatile than Xiamen Bank Co. It trades about -0.24 of its total potential returns per unit of risk. Xiamen Bank Co is currently generating about -0.12 per unit of volatility. If you would invest 578.00 in Xiamen Bank Co on October 30, 2024 and sell it today you would lose (23.00) from holding Xiamen Bank Co or give up 3.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. Xiamen Bank Co
Performance |
| Timeline |
| Ye Chiu Metal |
| Xiamen Bank |
Ye Chiu and Xiamen Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and Xiamen Bank
The main advantage of trading using opposite Ye Chiu and Xiamen Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu position performs unexpectedly, Xiamen Bank 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 Xiamen Bank will offset losses from the drop in Xiamen Bank's long position.| Ye Chiu vs. Tianshan Aluminum Group | Ye Chiu vs. Suzhou Weizhixiang Food | Ye Chiu vs. Shanghai Yanpu Metal | Ye Chiu vs. CITIC Metal Co |
| Xiamen Bank vs. Tibet Huayu Mining | Xiamen Bank vs. Guangzhou Haozhi Industrial | Xiamen Bank vs. Qingdao Choho Industrial | Xiamen Bank vs. Bosera CMSK Industrial |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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