Correlation Between Xiamen Goldenhome and Lander Sports
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By analyzing existing cross correlation between Xiamen Goldenhome Co and Lander Sports Development, you can compare the effects of market volatilities on Xiamen Goldenhome and Lander Sports 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 Xiamen Goldenhome with a short position of Lander Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiamen Goldenhome and Lander Sports.
Diversification Opportunities for Xiamen Goldenhome and Lander Sports
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xiamen and Lander is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Xiamen Goldenhome Co and Lander Sports Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lander Sports Development and Xiamen Goldenhome 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 Xiamen Goldenhome Co are associated (or correlated) with Lander Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lander Sports Development has no effect on the direction of Xiamen Goldenhome i.e., Xiamen Goldenhome and Lander Sports go up and down completely randomly.
Pair Corralation between Xiamen Goldenhome and Lander Sports
Assuming the 90 days trading horizon Xiamen Goldenhome Co is expected to under-perform the Lander Sports. But the stock apears to be less risky and, when comparing its historical volatility, Xiamen Goldenhome Co is 1.87 times less risky than Lander Sports. The stock trades about -0.12 of its potential returns per unit of risk. The Lander Sports Development is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 341.00 in Lander Sports Development on November 1, 2024 and sell it today you would lose (19.00) from holding Lander Sports Development or give up 5.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiamen Goldenhome Co vs. Lander Sports Development
Performance |
| Timeline |
| Xiamen Goldenhome |
| Lander Sports Development |
Xiamen Goldenhome and Lander Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiamen Goldenhome and Lander Sports
The main advantage of trading using opposite Xiamen Goldenhome and Lander Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiamen Goldenhome position performs unexpectedly, Lander Sports 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 Lander Sports will offset losses from the drop in Lander Sports' long position.| Xiamen Goldenhome vs. Shannon Semiconductor Technology | Xiamen Goldenhome vs. Chongqing Brewery Co | Xiamen Goldenhome vs. Jiaozuo Wanfang Aluminum | Xiamen Goldenhome vs. Giantec Semiconductor Corp |
| Lander Sports vs. Agricultural Bank of | Lander Sports vs. Industrial and Commercial | Lander Sports vs. Bank of China | Lander Sports vs. China Construction Bank |
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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