Correlation Between Xinhua Winshare and Sino Platinum
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Sino Platinum Metals Co, you can compare the effects of market volatilities on Xinhua Winshare and Sino Platinum 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 Sino Platinum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Sino Platinum.
Diversification Opportunities for Xinhua Winshare and Sino Platinum
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Xinhua and Sino is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Sino Platinum Metals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sino Platinum 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 Sino Platinum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sino Platinum Metals has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Sino Platinum go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Sino Platinum
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 1.33 times more return on investment than Sino Platinum. However, Xinhua Winshare is 1.33 times more volatile than Sino Platinum Metals Co. It trades about 0.06 of its potential returns per unit of risk. Sino Platinum Metals Co is currently generating about -0.23 per unit of risk. If you would invest 1,489 in Xinhua Winshare Publishing on October 11, 2024 and sell it today you would earn a total of 25.00 from holding Xinhua Winshare Publishing or generate 1.68% 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. Sino Platinum Metals Co
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Sino Platinum Metals |
Xinhua Winshare and Sino Platinum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Sino Platinum
The main advantage of trading using opposite Xinhua Winshare and Sino Platinum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Sino Platinum 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 Sino Platinum will offset losses from the drop in Sino Platinum's long position.| Xinhua Winshare vs. CareRay Digital Medical | Xinhua Winshare vs. Xiangyu Medical Co | Xinhua Winshare vs. Do Fluoride Chemicals Co | Xinhua Winshare vs. Hengkang Medical Group |
| Sino Platinum vs. 360 Security Technology | Sino Platinum vs. Tianjin Capital Environmental | Sino Platinum vs. Changjiang Jinggong Steel | Sino Platinum vs. Smartgiant Technology 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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