Correlation Between Xinhua Winshare and China Sports
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By analyzing existing cross correlation between Xinhua Winshare Publishing and China Sports Industry, you can compare the effects of market volatilities on Xinhua Winshare and China Sports 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 Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and China Sports.
Diversification Opportunities for Xinhua Winshare and China Sports
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xinhua and China is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and China Sports Industry in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Sports Industry 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 Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Sports Industry has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and China Sports go up and down completely randomly.
Pair Corralation between Xinhua Winshare and China Sports
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 1.02 times more return on investment than China Sports. However, Xinhua Winshare is 1.02 times more volatile than China Sports Industry. It trades about 0.12 of its potential returns per unit of risk. China Sports Industry is currently generating about 0.11 per unit of risk. If you would invest 1,403 in Xinhua Winshare Publishing on September 3, 2024 and sell it today you would earn a total of 55.00 from holding Xinhua Winshare Publishing or generate 3.92% 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 Sports Industry
Performance |
| Timeline |
| Xinhua Winshare Publ |
| China Sports Industry |
Xinhua Winshare and China Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and China Sports
The main advantage of trading using opposite Xinhua Winshare and China Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, China Sports 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 Sports will offset losses from the drop in China Sports' long position.| Xinhua Winshare vs. Xiangtan Electrochemical Scientific | Xinhua Winshare vs. Yangmei Chemical Co | Xinhua Winshare vs. Wuxi Chemical Equipment | Xinhua Winshare vs. Dymatic Chemicals |
| China Sports vs. Industrial and Commercial | China Sports vs. China Construction Bank | China Sports vs. Bank of China | China Sports vs. Agricultural Bank of |
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 Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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