Correlation Between Xinhua Winshare and Blue Sail
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Blue Sail Medical, you can compare the effects of market volatilities on Xinhua Winshare and Blue Sail 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 Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Blue Sail.
Diversification Opportunities for Xinhua Winshare and Blue Sail
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xinhua and Blue is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical 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 Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Blue Sail go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Blue Sail
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 1.06 times more return on investment than Blue Sail. However, Xinhua Winshare is 1.06 times more volatile than Blue Sail Medical. It trades about -0.01 of its potential returns per unit of risk. Blue Sail Medical is currently generating about -0.02 per unit of risk. If you would invest 1,699 in Xinhua Winshare Publishing on August 31, 2024 and sell it today you would lose (241.00) from holding Xinhua Winshare Publishing or give up 14.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Blue Sail Medical
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Blue Sail Medical |
Xinhua Winshare and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Blue Sail
The main advantage of trading using opposite Xinhua Winshare and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Xinhua Winshare vs. BYD Co Ltd | Xinhua Winshare vs. Agricultural Bank of | Xinhua Winshare vs. Industrial and Commercial | Xinhua Winshare vs. China State Construction |
| Blue Sail vs. PetroChina Co Ltd | Blue Sail vs. China Mobile Limited | Blue Sail vs. Ping An Insurance | Blue Sail vs. China Petroleum Chemical |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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