Correlation Between Xinhua Winshare and Rising Nonferrous
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Rising Nonferrous Metals, you can compare the effects of market volatilities on Xinhua Winshare and Rising Nonferrous 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 Rising Nonferrous. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Rising Nonferrous.
Diversification Opportunities for Xinhua Winshare and Rising Nonferrous
-0.64 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Xinhua and Rising is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Rising Nonferrous Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rising Nonferrous Metals 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 Rising Nonferrous. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rising Nonferrous Metals has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Rising Nonferrous go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Rising Nonferrous
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.84 times more return on investment than Rising Nonferrous. However, Xinhua Winshare Publishing is 1.19 times less risky than Rising Nonferrous. It trades about 0.05 of its potential returns per unit of risk. Rising Nonferrous Metals is currently generating about 0.03 per unit of risk. If you would invest 1,201 in Xinhua Winshare Publishing on October 16, 2024 and sell it today you would earn a total of 244.00 from holding Xinhua Winshare Publishing or generate 20.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Rising Nonferrous Metals
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Rising Nonferrous Metals |
Xinhua Winshare and Rising Nonferrous Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Rising Nonferrous
The main advantage of trading using opposite Xinhua Winshare and Rising Nonferrous positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Rising Nonferrous 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 Rising Nonferrous will offset losses from the drop in Rising Nonferrous' long position.| Xinhua Winshare vs. ButOne Information Corp | Xinhua Winshare vs. Hongrun Construction Group | Xinhua Winshare vs. Hangzhou Gisway Information | Xinhua Winshare vs. Allied Machinery Co |
| Rising Nonferrous vs. Heilongjiang Publishing Media | Rising Nonferrous vs. Xinhua Winshare Publishing | Rising Nonferrous vs. Shandong Publishing Media | Rising Nonferrous vs. Qtone Education Group |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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