Correlation Between Xinhua Winshare and Tangel Publishing
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Tangel Publishing, you can compare the effects of market volatilities on Xinhua Winshare and Tangel Publishing 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 Tangel Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Tangel Publishing.
Diversification Opportunities for Xinhua Winshare and Tangel Publishing
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xinhua and Tangel is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Tangel Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tangel Publishing 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 Tangel Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tangel Publishing has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Tangel Publishing go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Tangel Publishing
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.61 times more return on investment than Tangel Publishing. However, Xinhua Winshare Publishing is 1.63 times less risky than Tangel Publishing. It trades about 0.04 of its potential returns per unit of risk. Tangel Publishing is currently generating about 0.03 per unit of risk. If you would invest 999.00 in Xinhua Winshare Publishing on October 18, 2024 and sell it today you would earn a total of 420.00 from holding Xinhua Winshare Publishing or generate 42.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Tangel Publishing
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Tangel Publishing |
Xinhua Winshare and Tangel Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Tangel Publishing
The main advantage of trading using opposite Xinhua Winshare and Tangel Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Tangel Publishing 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 Tangel Publishing will offset losses from the drop in Tangel Publishing's long position.| Xinhua Winshare vs. Liaoning Dingjide Petrochemical | Xinhua Winshare vs. Jilin Chemical Fibre | Xinhua Winshare vs. Wuxi Chemical Equipment | Xinhua Winshare vs. Ningxia Younglight Chemicals |
| Tangel Publishing vs. Southchip Semiconductor Technology | Tangel Publishing vs. GigaDevice SemiconductorBeiji | Tangel Publishing vs. Digiwin Software Co | Tangel Publishing vs. Will Semiconductor 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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