Correlation Between Xinhua Winshare and China Publishing
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By analyzing existing cross correlation between Xinhua Winshare Publishing and China Publishing Media, you can compare the effects of market volatilities on Xinhua Winshare and China Publishing 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 Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinhua Winshare and China Publishing.
Diversification Opportunities for Xinhua Winshare and China Publishing
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Xinhua and China is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Xinhua Winshare Publishing and China Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Publishing Media 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 Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Publishing Media has no effect on the direction of Xinhua Winshare i.e., Xinhua Winshare and China Publishing go up and down completely randomly.
Pair Corralation between Xinhua Winshare and China Publishing
Assuming the 90 days trading horizon Xinhua Winshare Publishing is expected to under-perform the China Publishing. But the stock apears to be less risky and, when comparing its historical volatility, Xinhua Winshare Publishing is 2.65 times less risky than China Publishing. The stock trades about -0.21 of its potential returns per unit of risk. The China Publishing Media is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 706.00 in China Publishing Media on August 28, 2024 and sell it today you would earn a total of 132.00 from holding China Publishing Media or generate 18.7% 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 Publishing Media
Performance |
| Timeline |
| Xinhua Winshare Publ |
| China Publishing Media |
Xinhua Winshare and China Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinhua Winshare and China Publishing
The main advantage of trading using opposite Xinhua Winshare and China Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinhua Winshare position performs unexpectedly, China Publishing 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 Publishing will offset losses from the drop in China Publishing's long position.| Xinhua Winshare vs. Blue Sail Medical | Xinhua Winshare vs. Kontour Medical Technology | Xinhua Winshare vs. Winner Medical Co | Xinhua Winshare vs. Glodon Software Co |
| China Publishing vs. Eit Environmental Development | China Publishing vs. Gansu Jiu Steel | China Publishing vs. Hang Xiao Steel | China Publishing vs. Jiugui Liquor 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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