Correlation Between Xinhua Winshare and Markor International
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinhua Winshare Publishing and Markor International Home, you can compare the effects of market volatilities on Xinhua Winshare and Markor International 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 Markor International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Markor International.
Diversification Opportunities for Xinhua Winshare and Markor International
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Xinhua and Markor is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Markor International Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Markor International Home 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 Markor International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Markor International Home has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Markor International go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Markor International
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.85 times more return on investment than Markor International. However, Xinhua Winshare Publishing is 1.18 times less risky than Markor International. It trades about 0.04 of its potential returns per unit of risk. Markor International Home is currently generating about -0.03 per unit of risk. If you would invest 1,040 in Xinhua Winshare Publishing on November 6, 2024 and sell it today you would earn a total of 469.00 from holding Xinhua Winshare Publishing or generate 45.1% 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. Markor International Home
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Markor International Home |
Xinhua Winshare and Markor International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Markor International
The main advantage of trading using opposite Xinhua Winshare and Markor International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Markor International 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 Markor International will offset losses from the drop in Markor International's long position.| Xinhua Winshare vs. Chengtun Mining Group | Xinhua Winshare vs. Bus Online Co | Xinhua Winshare vs. Shenzhen Shenbao Industrial | Xinhua Winshare vs. Western Metal Materials |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |