Correlation Between Xinhua Winshare and Chengdu B
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By analyzing existing cross correlation between Xinhua Winshare Publishing and Chengdu B ray Media, you can compare the effects of market volatilities on Xinhua Winshare and Chengdu B 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 Chengdu B. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and Chengdu B.
Diversification Opportunities for Xinhua Winshare and Chengdu B
0.4 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xinhua and Chengdu is 0.4. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and Chengdu B ray Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Chengdu B ray 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 Chengdu B. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chengdu B ray has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and Chengdu B go up and down completely randomly.
Pair Corralation between Xinhua Winshare and Chengdu B
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to generate 0.42 times more return on investment than Chengdu B. However, Xinhua Winshare Publishing is 2.37 times less risky than Chengdu B. It trades about -0.41 of its potential returns per unit of risk. Chengdu B ray Media is currently generating about -0.2 per unit of risk. If you would invest 1,606 in Xinhua Winshare Publishing on October 25, 2024 and sell it today you would lose (168.00) from holding Xinhua Winshare Publishing or give up 10.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xinhua Winshare Publishing vs. Chengdu B ray Media
Performance |
| Timeline |
| Xinhua Winshare Publ |
| Chengdu B ray |
Xinhua Winshare and Chengdu B Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and Chengdu B
The main advantage of trading using opposite Xinhua Winshare and Chengdu B positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, Chengdu B 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 Chengdu B will offset losses from the drop in Chengdu B's long position.| Xinhua Winshare vs. Industrial and Commercial | Xinhua Winshare vs. Agricultural Bank of | Xinhua Winshare vs. China Construction Bank | Xinhua Winshare vs. Bank of China |
| Chengdu B vs. Industrial and Commercial | Chengdu B vs. Agricultural Bank of | Chengdu B vs. China Construction Bank | Chengdu B vs. Bank of China |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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