Correlation Between Xinhua Winshare and Henan Shuanghui
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Henan Shuanghui Investment, you can compare the effects of market volatilities on Xinhua Winshare and Henan Shuanghui 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 Xinhua Winshare with a short position of Henan Shuanghui. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Henan Shuanghui.
Diversification Opportunities for Xinhua Winshare and Henan Shuanghui
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Xinhua and Henan is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Henan Shuanghui Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Henan Shuanghui Inve and Xinhua Winshare 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 Xinhua Winshare Publishing are associated (or correlated) with Henan Shuanghui. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Henan Shuanghui Inve has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Henan Shuanghui go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Henan Shuanghui
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to under-perform the Henan Shuanghui. In addition to that, Xinhua Winshare is 1.04 times more volatile than Henan Shuanghui Investment. It trades about -0.08 of its total potential returns per unit of risk. Henan Shuanghui Investment is currently generating about 0.12 per unit of volatility. If you would invest 2,567 in Henan Shuanghui Investment on November 6, 2024 and sell it today you would earn a total of 69.00 from holding Henan Shuanghui Investment or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Henan Shuanghui Investment
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Henan Shuanghui Inve |
Xinhua Winshare and Henan Shuanghui Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Henan Shuanghui
The main advantage of trading using opposite Xinhua Winshare and Henan Shuanghui positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Henan Shuanghui 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 Henan Shuanghui will offset losses from the drop in Henan Shuanghui's long position.| Xinhua Winshare vs. Nantong JiangTian Chemical | Xinhua Winshare vs. Dymatic Chemicals | Xinhua Winshare vs. ZYF Lopsking Aluminum | Xinhua Winshare vs. Tongling Nonferrous Metals |
| Henan Shuanghui vs. Beijing Kaiwen Education | Henan Shuanghui vs. Time Publishing and | Henan Shuanghui vs. Qtone Education Group | Henan Shuanghui vs. Bingo Software Co |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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