Correlation Between Xiangpiaopiao Food and HaiXin Foods
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By analyzing existing cross correlation between Xiangpiaopiao Food Co and HaiXin Foods Co, you can compare the effects of market volatilities on Xiangpiaopiao Food and HaiXin Foods 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 Xiangpiaopiao Food with a short position of HaiXin Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xiangpiaopiao Food and HaiXin Foods.
Diversification Opportunities for Xiangpiaopiao Food and HaiXin Foods
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Xiangpiaopiao and HaiXin is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Xiangpiaopiao Food Co and HaiXin Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HaiXin Foods and Xiangpiaopiao Food 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 Xiangpiaopiao Food Co are associated (or correlated) with HaiXin Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HaiXin Foods has no effect on the direction of Xiangpiaopiao Food i.e., Xiangpiaopiao Food and HaiXin Foods go up and down completely randomly.
Pair Corralation between Xiangpiaopiao Food and HaiXin Foods
Assuming the 90 days trading horizon Xiangpiaopiao Food Co is expected to under-perform the HaiXin Foods. In addition to that, Xiangpiaopiao Food is 1.13 times more volatile than HaiXin Foods Co. It trades about -0.12 of its total potential returns per unit of risk. HaiXin Foods Co is currently generating about -0.08 per unit of volatility. If you would invest 431.00 in HaiXin Foods Co on November 1, 2024 and sell it today you would lose (31.00) from holding HaiXin Foods Co or give up 7.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xiangpiaopiao Food Co vs. HaiXin Foods Co
Performance |
| Timeline |
| Xiangpiaopiao Food |
| HaiXin Foods |
Xiangpiaopiao Food and HaiXin Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xiangpiaopiao Food and HaiXin Foods
The main advantage of trading using opposite Xiangpiaopiao Food and HaiXin Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xiangpiaopiao Food position performs unexpectedly, HaiXin Foods 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 HaiXin Foods will offset losses from the drop in HaiXin Foods' long position.| Xiangpiaopiao Food vs. HaiXin Foods Co | Xiangpiaopiao Food vs. JuneYao Dairy Co | Xiangpiaopiao Food vs. Namchow Food Group | Xiangpiaopiao Food vs. Gan Yuan Foods |
| HaiXin Foods vs. Guangdong Jingyi Metal | HaiXin Foods vs. Shuhua Sports Co | HaiXin Foods vs. Zhejiang Yongjin Metal | HaiXin Foods vs. Tianshan Aluminum Group |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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