Correlation Between Xinhua Winshare and China Longyuan
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By analyzing existing cross correlation between Xinhua Winshare Publishing and China Longyuan Power, you can compare the effects of market volatilities on Xinhua Winshare and China Longyuan 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 China Longyuan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and China Longyuan.
Diversification Opportunities for Xinhua Winshare and China Longyuan
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xinhua and China is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and China Longyuan Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Longyuan Power 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 China Longyuan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Longyuan Power has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and China Longyuan go up and down completely randomly.
Pair Corralation between Xinhua Winshare and China Longyuan
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 1.32 times more return on investment than China Longyuan. However, Xinhua Winshare is 1.32 times more volatile than China Longyuan Power. It trades about 0.05 of its potential returns per unit of risk. China Longyuan Power is currently generating about 0.01 per unit of risk. If you would invest 948.00 in Xinhua Winshare Publishing on September 13, 2024 and sell it today you would earn a total of 572.00 from holding Xinhua Winshare Publishing or generate 60.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. China Longyuan Power
Performance |
| Timeline |
| Xinhua Winshare Publ |
| China Longyuan Power |
Xinhua Winshare and China Longyuan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and China Longyuan
The main advantage of trading using opposite Xinhua Winshare and China Longyuan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, China Longyuan 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 China Longyuan will offset losses from the drop in China Longyuan's long position.| Xinhua Winshare vs. Panda Financial Holding | Xinhua Winshare vs. Blue Sail Medical | Xinhua Winshare vs. Agricultural Bank of | Xinhua Winshare vs. Beijing Wandong Medical |
| China Longyuan vs. Xinhua Winshare Publishing | China Longyuan vs. Will Semiconductor Co | China Longyuan vs. Jiangsu Phoenix Publishing | China Longyuan vs. Southchip Semiconductor 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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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